Thank you all for holding, and welcome to the Westwood Holdings Group first-quarter 2012 earnings conference call. Today’s call will begin with a presentation, followed by a question-and-answer session. [Operator instructions] I would 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 2012 earnings conference call. I’d like to start the call by reading our 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, 2011 filed with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, 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 SEC rules concerning non-GAAP financial measures, the reconciliation of our economic earnings, economic earnings per share and economic expenses to the most comparable GAAP measures is included at the end of our press release issued earlier today. On the call today, we have 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 joining our call today. While the stock market rewarded investors with the best first quarter since 1982, and while U.S. economic indicators and investor sentiment improved, the markets remained highly correlated. And even though growth dramatically outperformed value across all cap ranges, most Westwood value products kept pace or exceeded benchmarks during the first quarter. Industry wide domestic equities continued to experience outflows, although the velocity has slowed recently. Fixed income and solution oriented products remain the most popular, and our income opportunity fund has been a big beneficiary of this trend. Assets under management, our income opportunity product, now exceed 1.2 billion, which has grown fourfold over the last 2 years. Historically the bulk of investor demand and assets came from the private wealth channel, and into our mutual fund WHGIX, but we have recently won a number of new institutional separate accounts that will fund in the second quarter. The MLP asset class is experiencing an increasing level of interest, and our MLP product has performed well. We are currently in 3 active searches, and hopeful that we will win these mandates. We are also on track to earn a performance fee in the second quarter, but of course we will not know until June 30 whether the outperformance holds, or what the amount of the fee could be. Large cap outperformed its benchmark for the quarter, but experienced net outflows. The bulk of these outflows were tactical overweights that were rebalanced back to targets by large planned sponsors, or where they were simply rebalancing their asset allocation to include additional alternative asset classes. Things to note about this that were positive. Number one, we did not lose any of these large cap clients and we remain a valued…

Thanks Bryan. Good afternoon everyone. As you may have seen, we filed our 10-Q this afternoon, and if you have any questions after reading the 10-Q feel free to give me a call at my phone number listed on the web site. After I review our financial highlights for the quarter, I will go over some slides with you that we have prepared and posted on the Investor Relations section of our web site, westwoodgroup.com, under the Events and Web casts link. For the first quarter 2012, our total revenues were $17.9 million, compared to $17 million in the first quarter 2011. Comparing first quarter revenue in 2012 versus 2011, Westwood management posted a 6% increase in advisory fees as a result of increased average assets under management, due to market appreciation and inflows from new and existing clients, partially offset by withdrawals by certain clients. Westwood Trust posted a 3% increase in trust fees as a result of increased assets under management, primarily due to market appreciation, and inflows from new clients, partially offset by withdrawals. GAAP net income for the first quarter 2012 was $3.8 million, compared to $3.5 million for the first quarter of 2011. GAAP EPS was $0.52 per diluted share for the first quarter versus $0.50 for the first quarter 2011. Economic earnings for the first quarter 2012 were $5.8 million compared to $6.1 million for the first quarter 2011. Economic EPS was $0.80 per diluted share for the first quarter 2012 compared to $0.85 for the first quarter 2011. The year-over-year decrease in economic earnings was primarily due to increased compensation expense together with the higher proportion of cash based compensation expense, relative to equity-based compensation, as well as an increase in our effective tax rate. Non-GAAP performance measures are defined, explained, and reconciled…

Thanks Bill. If you have any questions operator, please let us know.

[Operator instructions] And we have a question from Mac Sykes [ph].

I know you are -- on this MLP front, could you just let me know how much is subject to performance fees, how much AUM? And is this an annual performance fee?

If one client that has a performance fee, and the AUM varies depending on whether they have got flows in or out, but if you are trying to model the performance fee, I think it is a tough thing to model.

Okay. Is it a generic benchmark or something that is internal?

It is the Alerian Index.

And we have no further questions in queue at this time.

Okay. If you have any further questions please press one. Okay, we want to thank everybody for joining our conference call today, and if you have any follow up questions please feel free to call either me or Bill Hardcastle, or go to our website, westwoodgroup.com, where we have all of our annual filings. Thank you.

That concludes today’s conference. Thank you for your participation. You may now disconnect.