Westwood(WHG)2025-02-13 03:31Financial Data and Key Metrics Changes - Total revenues for Q4 2024 were $25.6 million, up from $23.7 million in Q3 2024 and $23.2 million in Q4 2023, driven by higher average assets under management and performance fees [32] - Comprehensive income for Q4 2024 was $2.1 million, or $0.24 per share, compared to $0.1 million, or $0.01 per share in Q3 2024, and a net loss of $2.6 million, or $0.32 per share in Q4 2023 [33] - Economic earnings for Q4 2024 were $3.4 million, or $0.39 per share, compared to $1.1 million, or $0.13 per share in Q3 2024, and $2.8 million, or $0.34 per share in Q4 2023 [33] Business Line Data and Key Metrics Changes - The institutional team won and funded eight mandates totaling over $600 million in 2024, a 100% increase from the previous year [7] - The Westwood Salient Enhanced Midstream Income ETF reached $73 million in assets by year-end, exceeding first-year targets [17] - Wealth management experienced an uptick in net flows during Q4 2024, continuing into December [17] Market Data and Key Metrics Changes - Firmwide assets under management totaled $17.6 billion at quarter-end, with $16.6 billion in assets under management and $1 billion in assets under advisement [34] - Assets under management included institutional assets of $8.3 billion (50%), wealth management assets of $4.4 billion (26%), and mutual fund assets of $3.9 billion (24%) [35] - The company experienced net outflows of $0.8 billion in assets under management and $211 million in assets under advisement, offset by market appreciation of $1.9 billion and $92 million respectively [35] Company Strategy and Development Direction - The company is focused on strengthening core infrastructure while pursuing strategic growth, including the launch of new ETFs and managed investment solutions [19][26] - The acquisition of Salient Partners' asset management business continues to exceed expectations, enhancing capabilities in energy and real estate income strategies [23][25] - A partnership with ETF veteran Ben Fulton aims to scale Westwood's ETF platform, offering innovative strategies [26][28] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautiously optimistic outlook, citing benign credit conditions and attractive equity valuations [14] - The company noted that as the post-COVID bull market matures, investors may shift focus towards quality companies, which aligns with the company's investment style [15] - The energy sector is viewed as presenting attractive opportunities, with strong fundamentals supporting positive outlooks for energy strategies [24] Other Important Information - The board approved a regular cash dividend of $0.15 per common share, payable on April 1, 2025 [36] - The company was recognized as a Pensions and Investments Best Places to Work in Money Management for the 10th year [29] Q&A Session Summary - No specific questions or answers were documented in the provided content, thus no summary can be provided for this section.