Thank you all for holding and welcome to the Westwood Holdings Group first quarter 2009 earnings conference call. Today’s call will begin with a presentation followed by a question-and-answer session. Instructions on that feature will be given later in the program. I’d now like to turn the call over to your host for today’s call, Sylvia Fry, Vice President and Chief Compliance Officer. Ms. Fry, your line is now open.

Thank you. Good afternoon and welcome to our first quarter conference call. I’d like to start by reading the forward-looking statements disclaimer. The following discussion will include forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties, and other factors, which may cause actual results to be materially different from those contemplated by the forward-looking statements. Additional information concerning the factors that could cause such a difference is included in our press release issued earlier today as well as in our Annual Report on Form 10-K for the year ended December 31, 2008 filed with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. You are cautioned not to place undue reliance on forward-looking statements. In addition, in accordance with the SEC rules concerning non-GAAP financial measures, the reconciliation of our cash earnings, cash earnings per share, and cash expenses to the most comparable GAAP measures is included at the end of our press release issued earlier today. On the call today we will have Susan Byrne, our Founder and Chief Investment Officer; Brian Casey, our President and Chief Executive Officer; and Bill Hardcastle, our Chief Financial Officer. I will now turn the call over to Brian Casey, our CEO.

Thanks, Sylvia, and thanks to all of you for taking the time to listen to our call today. I know there is lot of other calls going on. My comments will be brief today as we’ve recently reviewed our updated Investor Relations presentation with many of our shareholders over the last few weeks either in person in New York, in Boston, or via a conference call. If you have not yet had a chance to review our Investor Relations material, it’s available under the Downloads tab of our Investor Relations section on the westwoodgroup.com website. You will also find our other corporate filings there and we would encourage you to take a look. We held our Annual Shareholder Meeting today in all proposals passed by a wide margin. And I want to thank all of you who voted strongly in favor of our proposals and especially for the ability to grant additional shares to the Westwood employee stock incentive plan. Your ongoing support of our owner employee model, which we believe has proven to be the best way to align the interest of clients, shareholders and employees, is sincerely appreciated. During perhaps the most difficult period that any of us have ever experienced in the financial markets, we’ve maintained our level of assets under management paid above the industry average dividends and increased the level of cash and securities on our balance sheet. None of this would have been possible without the great work of all of our owner employees. And I want to thank them publicly for all their hard work and their commitment to our clients. The markets continued to decline through early March and all Westwood value products performed better than the comparable benchmarks. While it’s never exciting to lose less than the market, it is the…

Thanks, Brian. Good afternoon, everyone. As you may have seen, we filed our earnings release and 10-Q this afternoon after the market close. If you have any questions after reading the 10-Q, feel free to give me a call at the phone number listed on our website. After I review our financial highlights for this quarter, I will review some slides with you that we have posted on the Investor Relations section of our website under the Events & Webcasts link. For the first quarter 2009, our total revenues were $8.2 million, a 10% decrease compared to $9.1 million in the first quarter 2008. Comparing first quarter revenue in 2009 versus 2008, Westwood Management posted a 4% decrease in advisory fees due to lower average assets under management. Given the very difficult market we have experienced recently, market depreciation was a primary cause of the decline in assets. However, significant net inflows from new and existing clients over the past 12 months nearly completely offset this market depreciation. Westwood Trust posted a 12% decrease in trust fees also as a result of lower average assets under management primarily due to market depreciation. Net inflows from new and existing clients offset a significant amount of the market depreciation. GAAP operating income for the quarter was $1.9 million, a 36% decrease compared to $3.0 million for the first quarter of 2008. GAAP net income was $1.2 million, a 37% decrease compared to $2.0 million for the first quarter of 2008. GAAP EPS was $0.19 per diluted share compared to $0.31 for the first quarter of 2008. Cash earnings, which we define as net income plus non-cash equity-based compensation expense, was $2.9 million, a 14% decrease compared to $3.2 million for the first quarter of 2008. Cash EPS was $0.41 per diluted share…

Thanks, Bill. Great job. If anybody has any questions –?

(Operator instructions) Our first question is from Patrick Walsh. Your line is open. Patrick Walsh – Oak Street Capital: Hi, guys, how are you doing?

Good. How are you? Patrick Walsh – Oak Street Capital: I was wondering in this environment, in the distress in the sector, are you guys look to – are you guys looking at any acquisitions here? And if so, how would you look to fund them?

Patrick, I’ll tell you that thankfully over the last several years we have not done any acquisitions. Those that did overpaid for them and are still paying for them. Given where we are in the market, there are certainly opportunities that are out there that look attractive. How much time we would spend on that activity? It’s pretty limited because we are pretty busy running our own business. Patrick Walsh – Oak Street Capital: Would you consider issuing equity if you found the right opportunity?

What’s that [ph]? Patrick Walsh – Oak Street Capital: Would you consider issuing equity if you found the right opportunity?

If we found the right opportunity, we’d certainly look at all forms of acquisition, whether that’s cash. It would have to be something that’s accretive. And in the case of buying asset management firms, the one thing that I’ve always said when asked this question is, it’s very difficult to buy people and impose your culture on them. It would have to be a unique situation. Obviously if we were able to do something in the mutual fund area, that would be something that would be very attractive and accretive to us. Patrick Walsh – Oak Street Capital: Okay. And could you provide a little detail on the expense of $143,000 that you mentioned in the release for future opportunities? Could you provide a little more detail on what that is?

I’m not prepared to given any detail. We have got a couple of interesting opportunities that we are working on that are in the mutual fund area, but from a distribution standpoint and from a marketing standpoint. Patrick Walsh – Oak Street Capital: Okay. And in terms of the stock-based comp, what – is this a good run rate for the year that we saw in the first quarter?

Well, as I mentioned, there is no expense in the first quarter this year just like there was no expense in the first quarter of last year for performance-based restricted stock. Once we conclude that it’s probable that we will meet the performance hurdle, then we will begin expensing that cost. Patrick Walsh – Oak Street Capital: Got it. And do you have a guideline of I guess for the end of the year or it’s just impossible to tell them at this point in time?

No, we don’t give forward guidance. And certainly given where we are in the market, even if we did, it would be awfully difficult to paint a picture of what the rest of the year looks like. All I can say is that our business is as busy as it has ever been. We’ve continued to deliver the performance. As long as I’ve been doing this, results follow performance. So – Patrick Walsh – Oak Street Capital: And what strategies have you seen the fund flow is coming to in the first quarter? And do you expect those strategies to – either one that most likely receive inflows during the remainder of the year?

Well, the great news is that we are seeing looks across our entire product line. We are seeing them in large-caps, mid-cap, small cap, and all cap. And we’ve actually even seen some in the income area recently. So it’s been very broad based. There is a lot of interest. The consultants tell us that doing business with a firm that has a stable business model that consistently delivers performance and one that has an ethical foundation is acutely attractive to their clients. Patrick Walsh – Oak Street Capital: Okay, great. That’s it. Thanks, guys.

Thank you, Patrick.

Thank you. (Operator instructions) And I don’t have any more questions in queue.

Are there any more questions?

No, I don’t have any more questions in queue.

Okay, very good. Well, if you have any questions and you want to follow up with either Bill or me, please do so, or you can go to our website westwoodgroup.com to find any of our information. Thanks again for taking time to listen to the call. Have a great day.

That does conclude today’s conference. Thank you for your participation. Everybody may disconnect.