Q3 2024 Westwood Holdings Group Inc Earnings Call Transcript
Key Points
- Total assets under management reached $17.7 billion, marking the highest level in six years.
- Strong institutional growth with over $1 billion in sales year-to-date and a pipeline nearing $2 billion.
- Successful launch and growth of two energy ETFs, with one crossing a critical trading volume threshold.
- Most US value strategies have outperformed their benchmarks over the long term.
- The company maintains a debt-free balance sheet with cash and short-term investments totaling $48.3 million.
- Quarterly net outflows of $325 million in the intermediary channel.
- Net outflows of $44 million in the wealth management division.
- Comprehensive income decreased significantly compared to the previous year, from $3.4 million to $0.1 million.
- Higher employee compensation and benefits expenses impacted financial results.
- Leadership change in the wealth management division with the stepping down of the President, Leah Bennett.
Hello and thank you for standing by. At this time. I would like to welcome you to the third quarter, 2024 Westwood Holdings Group Inc earnings conference call. All lines are in place on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again, I would now like to turn the call over to Joe Meyer. Please go ahead.
Thank you and welcome to our third quarter, 2024 earnings conference call. The following discussion will include forward-looking statements that are subject to known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those contemplated by the forward-looking statements. Additional information concerning the factors that could cause such a difference is included in our press release issued earlier today, as well as in our form 10-Q for the quarter
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