Westwood Holdings Group, Inc. (NYSE: WHG) today announced that its Board of Directors has authorized a share repurchase of up to $10 million of its outstanding common stock. The repurchases will occur at such times and at such prices as the management of the Company determines and may be effected through transactions in the open market or privately negotiated transactions. The Company had approximately 7.8 million shares of common stock outstanding as of August 5, 2011.
Westwood Holdings Group, Inc. manages investment assets and provides services for its clients through two subsidiaries, Westwood Management Corp. and Westwood Trust. Westwood Management Corp. is a registered investment advisor and provides investment advisory services to corporate pension funds, public retirement plans, endowments, foundations, the WHG Funds, other mutual funds, individuals and clients of Westwood Trust. Westwood Trust provides trust services and participation in common trust funds that it sponsors to institutions and high net worth individuals. Westwood Holdings Group, Inc. trades on the New York Stock Exchange under the symbol “WHG.”
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Note on Forward-looking Statements
Statements in this press release that are not purely historical facts, including statements about our intention to repurchase shares of our common stock from time to time, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results and the timing of events could differ materially from those contemplated by the forward-looking statements due to a number of factors, including, without limitation, the market price of the our stock prevailing from time to time and the other risks detailed from time to time in Westwood’s SEC filings, including but not limited to, its annual report on Form 10-K for the year ended December 31, 2010 and its quarterly reports on Form 10-Q for the quarters ended March 31 and June 30, 2011. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, Westwood is not obligated to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.