Westwood Holdings Group Inc (NYSE: WHG) is an asset management company that provides investment advisory and trust services to institutional and individual clients. Revenue comes primarily from asset-based advisory fees, trust fees, and performance-based fees tied to assets under management. Total revenues were $97.8 million in FY2025, up from $94.7 million in FY2024 and $89.8 million in FY2023. Asset-based advisory fees were the largest revenue stream at $74.7 million in FY2025 (76% of total revenues), followed by trust fees at $21.6 million (22%). Performance-based advisory fees contributed $0.9 million in FY2025. The company carries no debt as of December 31, 2025, and held cash and liquid investments of $44.1 million at that date. Operating cash flow was $18.9 million in FY2025. Westwood pays dividends to stockholders and funds operations entirely from operating cash flows. Employee compensation and benefits is the dominant cost at $56.7 million in FY2025, reflecting the people-intensive nature of active asset management.

Revenue model

Asset-based advisory fees (percentage of assets under management), trust fees from Westwood Trust (a Texas-chartered trust company), and performance-based fees. Asset-based advisory fees were $74.7 million in FY2025; trust fees were $21.6 million in FY2025. Performance-based fees are episodic and small relative to total revenues.

Products and services

Investment advisory services across equity and other strategies, including strategies with exposure to non-U.S. securities and global markets. Trust and fiduciary services offered through Westwood Trust. Proprietary Westwood Funds. Performance-based fee arrangements on select strategies.

Customers and end markets

Institutional and individual clients seeking investment advisory and trust services. The filing does not disclose specific customer names, concentration percentages, or total assets under management by client type.

Value-chain role

Active asset manager and trust company. Westwood sits between capital markets and end investors, constructing and managing portfolios, handling fiduciary and trust administration through Westwood Trust, and distributing strategies through internal sales and marketing personnel.

Geographic exposure

Primarily U.S.-based operations. Some strategies invest in non-U.S. securities with exposure to foreign currency, political, and economic risks, including emerging markets. Specific revenue breakdowns by geography are not disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-04

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