Thank you all for holding and welcome to the Westwood Holdings Group Third Quarter 2014 Earnings Conference Call. Today’s call will begin with a presentation followed by a question-and-answer session. Instructions on that feature will begin later in the program. I would now like to turn the call over to your host for today’s conference; Sylvia Fry, Senior Vice President and Chief Compliance Officer. Ms. Fry, your line is now open.

Good afternoon and thank you. Thank you for calling into our third quarter 2014 conference call. I’d like to start 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, 2013 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 and economic earnings per share to the most comparable GAAP measures is included at the end of our press release issued earlier today. On our call today we will have Brian Casey, our President and Chief Executive Officer; and Tiffany Kice, our Chief Financial Officer. I will now turn the call over to Brian Casey, our CEO.

Thanks Sylvia and thank everyone for joining our call today. It was a strong quarter during which Westwood experienced growth in key areas. As a result we again raised our dividend for the 12th consecutive year. For those who have been shareholders from the beginning we want to thank you again for your support for these so many years. Historically dividends have comprised half of the return to the stock market going back to 1926. And a healthy growing dividend ahead of our peers was an aspiration we had at the onset of Westwood becoming a public company. It’s fun to look back at our first dividend in 2002 of $0.02 per share per quarter and now you see it being raised to $2 per share per year. We’re very busy in the third quarter and particularly pleased to welcome a new global converts team to Westwood. The team started at Westwood on October 1st with over 500 million of sub-advised assets. We’ll soon be opening an office in Boston and initially we’ll have two strategies along only a convertible bond fund and a global absolute return fund. We will offer both a mutual fund and a UCITS fund for each strategy and have already begun running the long only strategy as a commingled fund at Westwood Trust. While this is a niche asset class we believe we have nearly 5 billion in capacity for the long only product and a billion of remaining capacity for the global absolute return strategy. The addition of the global converts team broadens our skillset and allows another platform from which to grow. Longer term we believe we have an opportunity to create new products and to draw from an extensive talent of pool in the Boston area. Performance for the third quarter was…

Thanks Brian and good afternoon everyone. For the third quarter of 2014 we’re pleased to report strong financial results with total revenues of $28.1 million, net income of $7.1 million and diluted earnings per share of $0.92. Economic earnings, a non-GAAP measure was $10.9 million or $1.41 per share, assets under management were $19.8 billion at quarter end with positive inflows during the quarter. Total revenues were up 22% or $5.1 million from the same period in 2013 with advisory fees up 27% or $4.9 million and trust fees up 13% or $0.6 million. Diluted earnings per share of $0.92 and economic earnings per share of $1.41 were up 61% and 45% from the prior year respectively demonstrating strong operating leverage due to increasing revenue. Firm wide assets under management of $19.8 billion consisted of institutional assets of $12.3 billion or 62% of the total. Private wealth assets of $4.0 billion or 20% of the total and mutual fund assets of $3.4 billion or 18% of the total. Included in these amounts are Westwood International strategies which now comprise approximately 17% of our total AUM. Net inflows for the quarter were concentrated principally in our emerging markets and income opportunity strategies while large cap continued to experience outflows. Our balance sheet continues to be very solid allowing us opportunities to continue to invest in our business provide attractive yields to our shareholders through our dividend program. Cash investments at quarter end were $9 million, up 14% from fiscal year end 2013 and we continue to maintain a debt free balance sheet. Our Board of Directors approved a quarterly cash dividend of $0.50 per share, an increase of 14% payable on January 2, 2015 to stockholders of record on December 15, 2014. This represents an annualized dividend yield of 3.4% at yesterday’s closing price. We encourage you to review the presentation we posted on our website reflecting third quarter highlights as well as longer-term trends in the growth of our assets under management, revenues, earnings and dividends. I will now turn the call back over to Brian to conclude. Brian Casey: Thanks Tiffany, great job. If anybody has any questions…

(Operator Instructions). And our first question comes from of Mac Sykes of Gabelli. Your line is now open.

Good afternoon gentlemen and ladies. Two quick questions on the accounting item, I guess what prompted the discovery on this? I know it wasn’t material but just curious a little more background on it and whether the auditors should have found it as well and then a follow-up. Thank you.

Sure, we discovered an understatement of non-cash stock based compensation expense for our restricted awards that had performance metrics attached to them. The error went back to fiscal 2006. Therefore we had to re-cash the expense and re-determine that the mistake was not material to any of our prior period financial statements. In accordance with the guidance we basically revised our prior period financial statements in the Q, that we will be filing and in the press release [inaudible] the same. So it was found during our review of certain things in the accounting and that’s what kind of [inaudible].

Okay, great and congratulations on the Boston team. I imagine it will be very interesting group [inaudible] for the Cowboys for the patriots. What I want to know maybe you can give us a little background on the list out, just how they teamed together what was the process around, was this opportunistic maybe what was the timing and should we expect anything in the future on this level?

Sure, we are actively looking for ways to grow our business at all times and you know we had heard these guys and heard they were looking for a home and we thought what they did and what they do bring a completely new set of skills to Westwood and there is, as I said in my formal remarks it is a niche asset class but it’s also one to us that’s very interesting. It offers you know low correlation to other asset classes, the intellectual challenge of managing global converts is one that we find fun to both think about and to offer to our existing clients. So we are excited about it, it’s four people. So it’s a small team. We will open our office in Boston after first of the year. They will be officing here in Dallas until then and yeah we think we have a pretty good shot of growing those assets over the next few years and we are excited about it.

Great, thank you very much. I appreciate the time.

Thanks Mac.

(Operator Instructions).

Do you have any questions?

I am showing no questions at this time.

Okay. Well thank you all for taking the time to listen to our call today and if you have any further questions please follow-up with either myself or Tiffany and we look forward to seeing you again soon. Thank you.