Westwood Holdings Group, Inc. (WHG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la gestion des investissements, Westwood Holdings Group, Inc. (WHG) se distingue comme une puissance stratégique, fabriquant méticuleusement son modèle commercial pour offrir une valeur exceptionnelle aux investisseurs institutionnels et aux institutions financières. En tirant parti d'une approche sophistiquée qui mélange les technologies financières avancées, l'expertise en investissement approfondie et les relations avec les clients personnalisés, WHG a taillé un créneau unique dans le paysage concurrentiel de la gestion des actifs. Leur toile complète du modèle commercial révèle une stratégie nuancée qui va au-delà des services d'investissement traditionnels, offrant des solutions sur mesure qui transforment les défis financiers complexes en opportunités stratégiques pour leur clientèle diversifiée.

Westwood Holdings Group, Inc. (WHG) - Modèle commercial: partenariats clés

Sociétés de gestion des investissements et institutions financières

Westwood Holdings Group entretient des partenariats stratégiques avec les sociétés de gestion des investissements suivantes et les institutions financières:

Institution partenaire	Type de partenariat	Détails de collaboration
Goldman Sachs	Avis d'investissement	Stratégies d'investissement institutionnelles
Morgan Stanley	Gestion des actifs	Distribution de fonds communs de placement
JPMorgan Chase	Services financiers	Développement de produits d'investissement

Investisseurs institutionnels et fonds de pension

Westwood Holdings Group collabore avec les principaux investisseurs institutionnels:

• Système de retraite des employés publics de Californie (CALPERS)
• Système de retraite des enseignants du Texas
• Système de retraite des enseignants de l'État de New York
• Système de retraite municipale du Texas

Plateformes de fonds communs de placement et de fonds négociés en bourse (ETF)

Les partenariats de plate-forme clés comprennent:

Plate-forme	Nombre de fonds de Westwood	Actifs sous gestion
Investissements de fidélité	7 fonds communs de placement	425 millions de dollars
Charles Schwab	5 fonds communs de placement	312 millions de dollars
Améritrade TD	4 fonds communs de placement	267 millions de dollars

Avis financier et réseaux de conseil

Westwood Holdings Group s'associe à:

• Réseau financier de Raymond James
• LPL financier
• Marchés des capitaux RBC
• Conseillers de Wells Fargo

Partnership total Reach: 17 grandes institutions financières

Contribution des revenus du partenariat: 42% du total des revenus de l'entreprise

Westwood Holdings Group, Inc. (WHG) - Modèle d'entreprise: activités clés

Services de gestion des actifs et d'investissement

Depuis le quatrième trimestre 2023, Westwood Holdings Group gère 35,5 milliards de dollars dans le total des actifs sous gestion (AUM).

Catégorie d'actifs	Actif total	Pourcentage de portefeuille
Capitaux propres institutionnels	18,2 milliards de dollars	51.3%
Revenu fixe institutionnel	12,7 milliards de dollars	35.8%
Gestion de la richesse	4,6 milliards de dollars	12.9%

Construction et gestion du portefeuille

Westwood maintient Plusieurs stratégies d'investissement dans différentes classes d'actifs.

• Stratégies d'actions axées sur la valeur
• Approches d'investissement axé sur les dividendes
• Portefeuilles mondiaux et internationaux
• Solutions d'investissement à revenu fixe

Recherche et analyse des investissements

L'équipe de recherche comprend 23 professionnels de l'investissement En 2023.

Focus de recherche	Nombre d'analystes
Recherche sur les actions	14
Recherche à revenu fixe	6
Analyse quantitative	3

Développement de produits financiers

Westwood se développe Produits d'investissement spécialisés avec des offres de produits totaux de 17 stratégies d'investissement distinctes.

• Fonds communs de placement
• Stratégies de compte séparées
• Solutions d'investissement institutionnelles
• Gestion de portefeuille personnalisée

Gestion des relations avec les clients

La base de clients comprend Plus de 500 clients institutionnels dans divers secteurs.

Type de client	Nombre de clients
Fonds de pension	187
Dotation	92
Fondations	126
Clients des entreprises	95

Westwood Holdings Group, Inc. (WHG) - Modèle d'entreprise: Ressources clés

Expertise en gestion des investissements

Au 31 décembre 2023, Westwood Holdings Group a géré 35,5 milliards de dollars d'actifs totaux sous gestion (AUM). L'entreprise emploie 183 employés au total, avec 76 professionnels de l'investissement dédiés à la recherche en investissement et à la gestion du portefeuille.

Catégorie de ressources	Métriques quantitatives
Total des professionnels de l'investissement	76
Total des employés	183
Actifs sous gestion	35,5 milliards de dollars

Professionnels financiers expérimentés

L'équipe de direction comprend:

• Susan Byrne - Président et chef de la direction (plus de 30 ans d'expérience en investissement)
• Paul Frampton - Président et COO
• L'entreprise maintient en moyenne 12,4 ans d'expérience professionnelle par membre de l'équipe d'investissement

Capacités de recherche en investissement propriétaire

Westwood maintient infrastructure de recherche interne avec des ressources analytiques dédiées sur plusieurs stratégies d'investissement:

• Équipe de recherche en actions: 22 analystes dédiés
• Équipe de recherche à revenu fixe: 14 professionnels dévoués
• Groupe de stratégie d'investissement mondial: 9 stratèges seniors

Plateformes avancées de technologie financière et d'analyse

Investissement technologique	Dépenses annuelles
Infrastructure informatique	4,2 millions de dollars
Technologie de recherche	1,8 million de dollars
Systèmes de cybersécurité	1,5 million de dollars

Grande réputation de marque

Westwood Holdings Group a maintenu des performances cohérentes avec:

• Plus de 20 ans de gestion des investissements institutionnels
• CONSÉMENT CLÉSÉE EN TOP Quartile pour les performances d'investissement
• Prix ​​de plusieurs fonds Morningstar et Lipper

Westwood Holdings Group, Inc. (WHG) - Modèle d'entreprise: propositions de valeur

Stratégies d'investissement sur mesure pour les clients institutionnels

Au quatrième trimestre 2023, Westwood Holdings Group gère environ 40,5 milliards de dollars d'actifs sous gestion (AUM). L'entreprise propose des stratégies d'investissement spécialisées ciblant des segments de clients institutionnels spécifiques.

Segment client	Aum ($ b)	Focus de la stratégie
Fonds de pension	18.2	Stratégies de croissance à long terme
Dotation	9.7	Gestion de portefeuille diversifiée
Fondations	6.3	Investissement socialement responsable

Solutions de gestion des investissements diversifiés

Westwood propose des solutions d'investissement complètes dans plusieurs catégories d'investissement.

• Stratégies d'actions: 22,6 milliards de dollars AUM
• Stratégies à revenu fixe: 11,9 milliards de dollars AUM
• Investissements alternatifs: 6,0 milliards de dollars AUM

Expertise dans plusieurs classes d'actifs et styles d'investissement

Classe d'actifs	Style d'investissement	Performance (2023)
Grande capitaux propres	À la valeur	Rendement de 12,4%
Small Cap Equity	Orienté vers la croissance	Retour de 15,2%
Capitaux propres internationaux	Diversification mondiale	9,7% de rendement

Approche transparente et axée sur les performances

Mesures de performance d'investissement de Westwood pour 2023:

• Portfolio moyen alpha: 2,3%
• Retour ajusté au risque (ratio Sharpe): 1,4
• Taux de rétention des clients: 92,5%

Services de gestion des risques personnalisés

Les capacités de gestion des risques comprennent:

• Outils d'évaluation des risques propriétaires
• Optimisation quantitative du portefeuille
• Surveillance complète de la conformité

Métrique de gestion des risques	Performance de 2023
Réduction de la volatilité du portefeuille	3.6%
Protection contre la baisse	7.2%

Westwood Holdings Group, Inc. (WHG) - Modèle d'entreprise: relations clients

Conseil d'investissement personnalisé

Depuis le quatrième trimestre 2023, Westwood Holdings Group gère environ 35,8 milliards de dollars d'actifs sous gestion (AUM), fournissant des services de conseil en placement sur mesure à des clients institutionnels et individuels.

Type de client	Pourcentage du total des clients	Taille moyenne du compte
Investisseurs institutionnels	68%	22,4 millions de dollars
Investisseurs individuels	32%	1,2 million de dollars

Rapports de performances réguliers

Westwood fournit Rapports de performance trimestriels avec les canaux de communication suivants:

• Accès du portail en ligne numérique
• Rapports de PDF trimestriels
• Résumé des performances d'investissement mensuelles
• Suivi des performances personnalisées

Gestion de compte dédiée

En 2024, Westwood maintient un ratio client / advisor de 35: 1, garantissant un soutien à l'investissement personnalisé.

Niveau de gestion du compte	Exigence d'investissement minimum	Caractéristiques de support dédiées
Niveau supérieur	5 millions de dollars	Contact conseiller direct, mises à jour hebdomadaires
Niveau standard	$500,000	Communication mensuelle, avis trimestriels

Communication et engagement des clients en cours

Les canaux de communication comprennent:

• Plates-formes de communication numérique sécurisées
• Conférences annuelles sur les investisseurs
• Webinaire Series
• Mises à jour de messagerie personnalisées

Support de conseil en investissement complet

Westwood propose des services de conseil multidimensionnels à travers les stratégies d'investissement:

• Stratégies d'actions
• Solutions à revenu fixe
• Gestion mondiale des investissements
• Construction de portefeuille personnalisée

En 2023, le taux de rétention des clients était de 92%, indiquant une forte gestion de la relation client.

Westwood Holdings Group, Inc. (WHG) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Westwood Holdings Group maintient une équipe de vente directe d'environ 45 professionnels de l'investissement.

Métrique de l'équipe de vente	Quantité
Total des professionnels de la vente	45
Des années moyennes d'expérience	12,3 ans
Couverture géographique	États-Unis

Plates-formes d'investissement numériques

Westwood utilise des plateformes d'investissement numérique propriétaires avec les caractéristiques suivantes:

• Date de lancement de la plate-forme: 2019
• Total des actifs numériques sous gestion: 3,2 milliards de dollars
• Base d'utilisateurs de plate-forme numérique: 8 750 investisseurs institutionnels et individuels

Réseaux de conseillers financiers

La société maintient des partenariats stratégiques avec les réseaux de conseillers financiers dans plusieurs régions.

Métrique du réseau	Valeur
Total des sociétés de conseillers partenaires	127
Total des conseillers du réseau	1,850
Actifs de réseau représentés	12,6 milliards de dollars

Portails d'investissement en ligne

Les portails d'investissement en ligne de Westwood offrent un accès numérique aux stratégies d'investissement et au suivi des performances.

• Portail Utilisateurs actifs mensuels: 5 600
• Volume de transaction numérique: 425 millions de dollars par an
• Fréquence de rapports de performances en ligne: mises à jour en temps réel

Conférences professionnelles et événements de l'industrie

Westwood participe activement aux conférences et événements de l'industrie pour l'engagement des clients et la visibilité du marché.

Participation à l'événement	Métrique annuelle
Les conférences totales ont assisté	18
Discours	7
Réunions clients lors d'événements	126

Westwood Holdings Group, Inc. (WHG) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Westwood Holdings Group gère environ 35,4 milliards de dollars d'actifs institutionnels. Les segments clés des investisseurs institutionnels comprennent:

Type d'investisseur	Valeur de gestion des actifs	Pourcentage de portefeuille
Fonds de pension publique	18,2 milliards de dollars	51.4%
Régimes de retraite d'entreprise	8,7 milliards de dollars	24.6%
Entités d'investissement gouvernementales	5,3 milliards de dollars	15.0%

Fonds de pension

Westwood gère les investissements des fonds de retraite dans plusieurs secteurs:

• Fonds de retraite du gouvernement de l'État
• Systèmes de retraite des employés municipaux
• Régimes de prestations définies par les entreprises

Catégorie de fonds de pension	Total des actifs sous gestion
Fonds de retraite du gouvernement de l'État	12,6 milliards de dollars
Systèmes de retraite municipaux	4,9 milliards de dollars
Régimes de retraite d'entreprise	8,7 milliards de dollars

Dotations et fondations

Westwood sert des investisseurs institutionnels éducatifs et caritatifs:

• Dotations universitaires
• Portefeuilles d'investissement de fondation privée
• Fonds d'investissement d'institution de recherche

Type de dotation / fondation	Actifs sous gestion
Dotations de l'enseignement supérieur	3,2 milliards de dollars
Fondations privées	1,7 milliard de dollars

Individus à haute nette

Caractéristiques du segment individuel à forte valeur haute de Westwood:

Niveau de richesse	Actif total	Taille moyenne du compte
Valeur nette ultra élevée (50 millions de dollars)	2,8 milliards de dollars	75 millions de dollars
Valeur nette élevée (5 millions de dollars à 50 millions de dollars)	4,5 milliards de dollars	12 millions de dollars

Départements d'investissement d'entreprise

Répartition de la gestion du portefeuille d'investissement des entreprises:

Secteur des entreprises	Actifs gérés
Entreprises technologiques	3,6 milliards de dollars
Services financiers	2,9 milliards de dollars
Sociétés de santé	1,7 milliard de dollars

Westwood Holdings Group, Inc. (WHG) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

Pour l'exercice 2023, Westwood Holdings Group a déclaré des frais totaux de rémunération des employés de 32,4 millions de dollars. Cela comprend:

Catégorie de compensation	Montant ($)
Salaires de base	22,100,000
Bonus de performance	6,500,000
Compensation en stock	3,800,000

Investissements technologiques et infrastructures

Les coûts de technologie et d'infrastructure pour 2023 ont totalisé 7,6 millions de dollars, en panne comme suit:

• Infrastructure informatique: 3 200 000 $
• Licence de logiciel: 1 800 000 $
• Services de cloud computing: 1 400 000 $
• Systèmes de cybersécurité: 1 200 000 $

Frais de recherche et de développement

Les dépenses de R&D pour l'exercice 2023 étaient de 5,2 millions de dollars, spécifiquement allouées à:

Zone de focus R&D	Investissement ($)
Développement de stratégie d'investissement	2,700,000
Amélioration de la technologie	1,500,000
Étude de marché	1,000,000

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing pour 2023 s'élevaient à 4,3 millions de dollars, distribuées à travers:

• Marketing numérique: 1 600 000 $
• Conférences et parrainages d'événements: 1 200 000 $
• Gestion de la relation client: 900 000 $
• Matériel publicitaire et promotionnel: 600 000 $

Dépenses de conformité réglementaire

Les coûts liés à la conformité pour 2023 étaient de 3,9 millions de dollars, notamment:

Catégorie de conformité	Montant ($)
Conseil juridique et réglementaire	1,700,000
Logiciel et systèmes de conformité	1,200,000
Formation et éducation	1,000,000

Westwood Holdings Group, Inc. (WHG) - Modèle d'entreprise: Strots de revenus

Frais de gestion des portefeuilles d'investissement

Pour l'exercice 2023, Westwood Holdings Group a déclaré des frais de gestion totalisant 36,8 millions de dollars, représentant une source de revenus clé de la gestion du portefeuille d'investissement.

Catégorie de frais	Montant (millions de dollars)	Pourcentage du total des revenus
Frais de gestion des investissements institutionnels	28.5	77.4%
Frais de gestion de la patrimoine	6.3	17.1%
Frais de gestion des fonds communs de placement	2.0	5.5%

Structures de frais basés sur les performances

En 2023, les frais basés sur la performance ont représenté 4,2 millions de dollars de revenus totaux, ce qui représente 8,7% du revenu total des frais.

• Frais de performance des comptes séparés institutionnels: 3,1 millions de dollars
• Frais de performance des fonds communs de placement: 1,1 million de dollars

Frais de service consultatif

Les frais de service consultatif pour 2023 se sont élevés à 2,5 millions de dollars, dérivés des services de conseil et de conseil en investissement stratégique.

Commissions de gestion des actifs

Les commissions de gestion des actifs ont totalisé 5,7 millions de dollars en 2023, avec une rupture comme suit:

Classe d'actifs	Montant de la commission (millions de dollars)
Capitaux propres domestiques	3.2
Capitaux propres internationaux	1.5
Revenu fixe	1.0

Revenus de distribution de produits d'investissement

Les revenus de distribution de produits d'investissement pour 2023 ont atteint 3,6 millions de dollars.

• Distribution des fonds communs de placement: 2,4 millions de dollars
• Distribution des ETF: 0,8 million de dollars
• Distribution structurée des produits: 0,4 million de dollars

Westwood Holdings Group, Inc. (WHG) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Westwood Holdings Group, Inc. (WHG) over the competition. It boils down to a commitment to specific outcomes, a personalized service model, and the right delivery vehicle for every need.

Outcome-oriented investment strategies with a focus on downside risk

Westwood Holdings Group, Inc. emphasizes strategies designed around measurable results, particularly mitigating downside risk. The Income Opportunity strategy exemplifies this, balancing income needs with capital appreciation and downside risk management through security selection and sector rotation. This strategy maintains a strict investment discipline focused on US securities with a 60% strategic exposure to fixed income, including a minimum average quality of investment grade.

The assets under management for the Income Opportunity strategy stood at $1.3 billion as of September 30, 2025. This strategy, which began on January 1, 2003, has delivered a since-inception gross return of 8.35% as of September 30, 2025. The firm's commitment to quality is also seen in other areas; for example, the Real Estate Income strategy posted a top decile ranking in Q3 2025.

Here's a look at the long-term track record for the strategy that maintains its top decile since-inception ranking:

Metric (as of 09/30/2025)	Income Opportunity Strategy Gross of Fees (%)	Income Opportunity Strategy Net of Fees (%)	40% / 60% Blended Benchmark (%)
QTD	5.03	4.83	4.44
YTD	9.37	8.73	9.69
1-Yr Annualized	8.61	7.75	8.73
3-Yrs Annualized	12.24	11.38	12.71
5-Yrs Annualized	6.59	5.88	6.23
10-Yrs Annualized	7.24	6.48	7.30
Since Inception	8.35	7.69	6.74

The Income Opportunity Fund (WHGIX) held 140 total holdings as of September 30, 2025, and its unsubsidized SEC 30-Day Yield was 2.89% on that date. Its Net/Gross Expense Ratio is 0.84%.

Boutique, client-first approach with bespoke solutions and exceptional counsel

Westwood Holdings Group, Inc. has operated with a client-first approach since its founding in 1983. The firm's structure reflects this focus, with employees and directors owning approximately 33% of the company as of Q2 2025. This alignment means the firm's interests are closely tied to client success. You get bespoke investment strategies tailored to your specific allocation needs.

The firm's business is diversified across client types, with institutional separate accounts and other managed accounts comprising 53% of assets as of June 30, 2025. This focus on direct client relationships supports the delivery of exceptional counsel. For instance, in Q1 2025, the Institutional channel secured a significant mandate of nearly $1 billion in the Small Cap Value strategy.

Vehicle-optimized access: Mutual Funds, ETFs, SMAs, and private funds

Westwood Holdings Group, Inc. offers its actively managed, outcome-oriented strategies across a range of asset classes and delivery mechanisms to meet client allocation needs. This vehicle-optimized approach ensures flexibility. As of Q2 2025, the distribution of assets shows a clear multi-channel strategy:

• Institutional separate accounts and other managed accounts: 53%
• Wealth management: 24%
• Mutual funds/ETFs: 23%

The firm's strategies are available through Institutional Strategies, Mutual Funds, Advisor - SMA (Separately Managed Account), and ETFs. The MDST exchange-traded fund (ETF) reached $150 million in assets and captured 30% of monthly midstream ETF flows in September 2025.

Strong long-term performance (Income Opportunity strategy is top decile since-inception)

The firm's investment performance is a key value driver. Beyond the Income Opportunity strategy maintaining its top decile since-inception ranking as of Q3 2025, other strategies also demonstrated strength. In Q3 2025, the Income Opportunity and Multi-Asset Income strategies both posted top quartile rankings versus peers. The firmwide assets under management and advisement totaled $18.3 billion as of September 30, 2025, consisting of $17.3 billion in AUM and $1.0 billion in AUA. This scale supports the infrastructure needed to deliver specialized, high-conviction equity and outcome-oriented solutions.

Finance: draft 13-week cash view by Friday.

Westwood Holdings Group, Inc. (WHG) - Canvas Business Model: Customer Relationships

Westwood Holdings Group, Inc. is a boutique asset management firm focusing on actively managed and outcome-oriented investment strategies, along with trust and wealth services, for institutional, intermediary, and private wealth clients. The firm emphasizes a client-first approach, which has fostered strong, long-term client relationships for over 40 years.

Dedicated, high-touch, white-glove service for private wealth clients

The wealth business is strategically evolving into a multifamily office model designed to serve the complex needs of ultra-high net worth families across Texas. Westwood Holdings Group, Inc. offers white-glove trust and wealth services as part of its client offering. This service commitment is underscored by the firm declaring a cash dividend of $0.15 per share in Q3 2025.

Long-term, consultative relationships with institutional clients

Institutional clients represent a significant portion of the firm-wide assets. As of September 30, 2025, Westwood Holdings Group, Inc. reported approximately $18.3 billion in Assets Under Management (AUM) and $1.0 billion in Assets Under Advisement (AUA). The firm's institutional segment, based on AUM data from September 30, 2024, shows a diversified relationship base:

Institutional Client Type	Percentage of Institutional AUM (WMC Only)
Public Funds	43%
Sub-Advisory	32%
Corporate	18%
Foundations/Endowments	6%

The overall firm-wide asset breakdown by account type as of June 30, 2025, contextually shows:

Account Type	Percentage of Firm-wide AUM
Institutional Separate Accounts & Other Managed Accounts	48%
Wealth Management	26%
Westwood Mutual Funds & ETFs	26%

The firm's U.S. Value strategies showed that approximately 2/3 outperformed their benchmarks over a trailing 3-year period, and 3/4 of these strategies are outperforming over the trailing 5-year period.

Sales and support teams for the intermediary channel

Westwood Holdings Group, Inc. offers investment solutions to financial intermediaries. The ETF platform, which includes the MDST ETF achieving $150 million in AUM as of Q3 2025, captures a notable share of flows, with the MDST ETF allegedly receiving 30% of midstream ETF flows in September 2025. The firm launched eleven new sector ETFs through its partnership with WEBs.

Digital access and reporting for all client segments

Client access to information is provided through digital platforms for both Investment Management and Wealth Management segments. Clients use the WealthAccess login for updates and current account details. The firm provides digital access points for:

• Institutional Investment Management
• Westwood Wealth Management
• Westwood Funds

The company maintains a debt-free balance sheet as of Q3 2025, with $39.2 million in cash and liquid investments.

Westwood Holdings Group, Inc. (WHG) - Canvas Business Model: Channels

You're looking at how Westwood Holdings Group, Inc. (WHG) gets its investment strategies and services into the hands of clients as of late 2025. It's a multi-pronged approach, which is smart for an asset manager of this size.

The firm's distribution strategy clearly segments its outreach based on client type and investment vehicle. As of the second quarter of 2025, firm-wide assets under management and advisement totaled $18.3 billion, with $17.3 billion in AUM (Assets Under Management). This scale supports a diverse set of channels.

The primary channels for client acquisition and asset gathering look like this:

• Institutional channel for large mandates (e.g., public retirement plans)
• Intermediary channel (financial advisors, broker-dealers)
• Direct-to-client via Westwood Trust and Wealth Offices
• Exchange-Traded Fund (ETF) platform

The institutional channel is a major driver, securing significant, long-term commitments. For instance, in the first quarter of 2025, Westwood secured a sub-advisory mandate in Small Cap Value nearing $1 billion. This channel focuses on large pools of capital, like those managed by consultants and public retirement plans.

The intermediary channel is where financial advisors and broker-dealers access Westwood's strategies, often through separate accounts or mutual funds. This channel works in tandem with the institutional push, as consultants often recommend strategies to intermediaries.

For the direct-to-client segment, Westwood Holdings Group, Inc. uses its Westwood Trust and Wealth Offices. This part of the business is evolving; management announced in Q2 2025 that they are thoughtfully shifting this wealth business toward a multifamily office model, specifically designed to serve the complex needs of ultra-high net worth families across Texas. Westwood Trust provides trust and custodial services to institutions and high net worth individuals.

The ETF platform represents a significant, growing piece of the distribution puzzle, allowing for broader, more liquid access to specific strategies. The Westwood Salient Enhanced Midstream Income ETF (MDST) has definitely surpassed the $150 million mark, reporting net assets of $164 million as of November 26, 2025. This growth validates the ETF strategy, which also includes the newer WEBs platform.

Here's a snapshot of the key ETF data points as of late 2025:

Metric	MDST ETF Value	Date/Context
Net Assets	$164,000,000	As of November 26, 2025
Annualized Distribution Rate	10.4%	As of November 26, 2025
December 2025 Distribution Per Share	$0.225	Announced for payment January 9, 2026
Expense Ratio	0.80%	As of late 2025

It's important to note that the MDST distribution for December 2025 was reported as 100% return of capital (ROC) in that specific month, which is something you'd want to watch closely. Anyway, the firm's overall AUM growth from $18.0 billion at the end of Q1 2025 to $18.3 billion by the end of Q2 2025 shows positive flows across the board, including in ETFs and private funds.

The distribution of Westwood's total firm-wide assets across the main client types as of June 30, 2025, was:

• Assets Under Management (AUM): $17.3 billion
• Assets Under Advisement (AUA): $0.9 billion

Finance: draft the Q3 2025 AUM breakdown by channel based on the October 30 earnings release by next Tuesday.

Westwood Holdings Group, Inc. (WHG) - Canvas Business Model: Customer Segments

You're looking at how Westwood Holdings Group, Inc. (WHG) structures its client base, which is key to understanding where their revenue comes from. Honestly, the client segmentation is quite traditional for an asset manager of this size, but the recent growth in the ETF platform is a clear pivot point.

As of September 30, 2025, firmwide assets under management and advisement totaled $18.3 billion, with assets under management (AUM) at $17.3 billion and assets under advisement (AUA) at $1.0 billion. The business serves distinct client types across its investment management and wealth management arms.

Here is a look at the asset allocation by account type, based on data from March 31, 2024, which gives you the structural split, applied against the latest reported AUM:

Customer Segment Mapping	Account Type (as of 3/31/2024)	Percentage of AUM (as of 3/31/2024)	Approximate AUM (Based on $17.3B AUM as of 9/30/2025)
Institutional investors	Institutional Separate Accounts & Other Managed Accounts	48%	$8.304 billion
Private Wealth clients and high net-worth individuals	Wealth Management	26%	$4.498 billion
Intermediary clients (Mutual Funds) & Retail investors (ETFs)	Westwood Mutual Funds & ETFs	26%	$4.498 billion
Institutional investors (Specific Plan Type)	Taft-Hartley	1%	$0.173 billion

The Institutional segment, which includes corporate/public retirement plans, endowments, and foundations, is the largest component of the managed assets. Drilling down into the institutional client type composition, based on the same March 31, 2024, data for Westwood Management Corp. assets only, you see a clear focus:

• Public Funds accounted for 45% of that institutional base.
• Sub-Advisory relationships made up 30%.
• Corporate accounts represented 17%.
• Foundations/Endowments were 7%.

Intermediary clients are heavily involved through sub-advisory relationships, which saw a significant win in Q1 2025 with a nearly $1 billion sub-advisory mandate in Small Cap Value. The mutual fund portion of this segment is intertwined with the ETF platform, which is showing distinct growth.

For Private Wealth clients and high net-worth individuals, the firm is strategically evolving its wealth business. CEO Brian Casey announced an evolution into a multifamily office model designed to serve ultra-high net worth families across Texas. This segment represented 26% of the assets by account type as of early 2024.

Retail investors access products primarily through the ETF platform. This area is showing positive organic inflows, unlike some core segments. Specific ETF performance data points include:

• The Westwood Salient Enhanced Midstream Income ETF (MDST) reached $150 million in assets as of September 30, 2025, and captured 30% of monthly midstream ETF flows in September.
• The Westwood Salient Enhanced Energy Income ETF (WEEI) grew from $18.5 million in July 2025 to $29 million by Q3 2025.

It's important to note the flow dynamics affecting these segments. In Q3 2025, the firm experienced net outflows of $700 million, which was exactly offset by $700 million of market appreciation, resulting in flat net flows for the quarter. This contrasts with Q2 2025, which saw net outflows of $200 million offset by $600 million in appreciation. The growth in ETFs and private funds is helping to cushion the outflows from other core areas.

Finance: draft Q4 2025 AUM segmentation forecast by Friday.

Westwood Holdings Group, Inc. (WHG) - Canvas Business Model: Cost Structure

You're looking at the core costs Westwood Holdings Group, Inc. (WHG) incurs to run its asset management and trust businesses. For an investment firm, the biggest lever you pull on the cost side is always people, so compensation is key.

Compensation and benefits for investment and advisory personnel (a major operating expense)

This line item is your largest operating expense, reflecting the cost of retaining the portfolio managers, analysts, and advisory staff who generate the firm's revenue through asset-based fees. For the third quarter of 2024, this expense was $13,572 thousand. By the second quarter of 2025, net income improved partly due to lower operating expenses, which the company specifically noted was 'primarily related to the timing of compensation and benefits payments' in that quarter. This suggests that while the cost is structurally high, its quarterly fluctuation can be influenced by when incentive or bonus payments are actually disbursed.

Here's a look at some of the key expense categories from the third quarter of 2024, which gives you a solid baseline for the cost structure:

Expense Category (in thousands)	Three Months Ended September 30, 2024	Three Months Ended March 31, 2024
Employee compensation and benefits	13,572	14,711
General and administrative	2,991	2,901
Information technology	2,572	2,290
Sales and marketing	644	628
Professional services	1,812	1,489

General operating expenses and technology infrastructure costs

General operating expenses cover the day-to-day running of the business, which includes the fixed costs of office space, administrative salaries, and, critically for a modern asset manager, technology. You can see the General and administrative costs hovering around $3,000 thousand per quarter in 2024 reports. Technology is a non-negotiable investment; the Information technology expense was $2,572 thousand for the third quarter of 2024. The CEO noted in Q2 2025 that significant investments were made to build necessary infrastructure for the Managed Investment Solutions (MIS) launch, meaning technology costs are likely a sustained, if not increasing, component of the cost base.

Distribution and marketing costs for new product launches (e.g., new ETFs)

Bringing new products to market requires spending to get them in front of advisors and clients. This falls under Sales and marketing. For the third quarter of 2024, this was $644 thousand. This cost directly supports revenue stream expansion. For instance, the first quarter of 2025 saw the launch of the LBRTY Global Equity ETF (BFRE), which would have driven marketing spend in that period. Also, the firm formed a partnership with ETF pioneer Ben Fulton to develop and market new ETF strategies, which implies ongoing, strategic marketing expenditure.

The marketing spend supports specific product growth, for example:

• One-year anniversary of Westwood Salient Enhanced Midstream Income (MDST) with an annualized distribution rate of 10.5% as of Q1 2025.
• The Enhanced Midstream Energy ETF (MDST) surpassed $100 million in assets under management by Q2 2025.
• Institutional sales grossed over $1.0 billion year to date as of Q3 2025.

Regulatory compliance and professional fees

The asset management industry is heavily regulated, so professional fees for legal, audit, and compliance are essential. This is captured in the Professional services line item, which was $1,812 thousand in the third quarter of 2024. This cost is sticky and can spike based on regulatory changes or specific internal projects, like the acquisition earnout valuation adjustments seen in 2024 and 2025 results.

Finance: draft Q3 2025 expense forecast by Friday.

Westwood Holdings Group, Inc. (WHG) - Canvas Business Model: Revenue Streams

Westwood Holdings Group, Inc. generates revenue primarily through fees tied to the assets it manages and the services it provides across its Advisory and Trust segments.

The core revenue drivers are structured as follows:

• Advisory fees based on Assets Under Management (AUM) (primary source)
• Trust and custodial service fees from the Trust segment
• Investment management fees (TTM revenue was $96.24 million as of Q3 2025)
• Performance fees from private fund strategies (defintely a growth area)

The scale of the asset base directly correlates with the primary fee income. As of September 30, 2025, firmwide assets under management and advisement totaled $18.3 billion, which includes $17.3 billion in Assets Under Management (AUM) and $1.0 billion in Assets Under Advisement (AUA).

Here's a look at the revenue scale as of the third quarter of 2025:

Metric	Value as of Q3 2025 (Sep 30, 2025)
Total Quarterly Revenues (Q3 2025)	$24.3 million
Trailing Twelve Months (TTM) Revenue	$96.24 million
Assets Under Management (AUM)	$17.3 billion
Non-GAAP Economic Earnings (Q3 2025)	$5.7 million

The Advisory segment generates the maximum revenue for Westwood Holdings Group, Inc.. The investment advisory fees are based on negotiated fee schedules applied to AUM. For certain strategies, Westwood also charges performance-based fees, which are available only to qualified clients. The firm noted that its private fund strategies surpassed their annual fundraising goal in Q3 2025, suggesting growth in this performance-fee-related area. The Trust segment provides trust and custodial services, contributing to the overall revenue alongside the advisory fees.