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Westwood Holdings Group, Inc. (NYSE: WHG) today reported 2011 fourth quarter revenues of $17.0 million, net income of $4.1 million and earnings per diluted share of $0.57. This compares to revenues of $15.4 million, net income of $3.3 million and earnings per diluted share of $0.46 in the fourth quarter of 2010. Economic Earnings were $6.7 million compared to $5.7 million for the fourth quarter of 2010. Economic Earnings per share (“Economic EPS”) were $0.92 per diluted share compared to $0.81 per diluted share for the fourth quarter of 2010. (Economic Earnings and Economic EPS are non-GAAP performance measures and are explained and reconciled with the most comparable GAAP numbers in the attached tables.)
Assets under management stood at $13.1 billion as of December 31, 2011, an increase of 5% compared to $12.5 billion as of December 31, 2010. The increase was primarily due to asset inflows from new and existing clients, partially offset by withdrawal of assets by certain clients. Mutual fund assets, now comprising eight WHG Funds, reached $1.3 billion as of December 31, 2011, an increase of 33% compared to $970 million as of December 31, 2010.
Brian Casey, Westwood’s President & CEO, commented, “The market environment in 2011 was marked by significant volatility and modest returns for investors. Despite the volatile market, net asset inflows aggregated over $660 million in 2011. Our WHG Funds delivered 33% organic growth and our Income Opportunity product received increasing institutional interest along with strong interest from individual investors, approaching $1 billion in assets at year-end. Net Private Wealth channel inflows accelerated in the second half as the Omaha office gained traction under the Westwood banner and the Dallas office won several meaningful new accounts. We achieved record revenue and net income in 2011 as our business continues to expand, including the first full year of operations for the Omaha office. Our strong financial position enabled us to make several investments that enhance our ability to serve our clients, improve operational efficiencies and strengthen our platform to support additional business growth.”