The following is a summary of the Westwood Holdings Group, Inc. (WHG) Q1 2024 Earnings Call Transcript:
Financial Performance:
Westwood Holdings Group reported Q1 2024 total revenue of $22.7 million, in line with the previous quarter and year.
Comprehensive income rose to $2.3 million or $0.27 per share in Q1 2024, a substantial increase from $0.7 million or $0.09 per share in Q1 2023.
Non-GAAP economic earnings for Q1 2024 were enhanced to $3 million or $0.36 per share, up from $1.7 million or $0.22 per share in Q1 2023.
Business Progress:
Assets Under Management and Assets Under Advisement reached a six-year high at over $17.1 billion.
Positive new flows marked the institutional channel's performance, and the newly launched Managed Investment Solutions received positive feedback.
The company successfully launched its first active ETF and a second one, with trading volumes exceeding expectations.
Westwood maintained a client retention rate of 97% owing to targeted engagement efforts.
Looking forward, the firm aims to stabilize existing clients, expand ETF offerings, support Managed Investment Solutions, and attract interest for their new MIS capabilities.
More details: Westwood Holdings IR
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