Thank you all for holding and welcome to the Westwood Holdings Group Fourth 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 like now 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.

Thank you. Good afternoon and welcome our fourth quarter 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 the 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 the 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 thanks to you everyone for taking time to join our call today. We are really pleased to close out another great year with assets under management of over $20 billion, the addition of a new investment team and the recent announcement of the expansion of our trust business. Since Westwood’s founding, nearly 33 years ago, our company has evolved from a single product provider into a multi investment team firmed with the diversified stable of investment strategies and business lines. We maintain a strong institutional product line thriving mutual funds group, a dependable private wealth business and a rapidly growing non U.S. business. We are able to consistently diminish the impact of downturns and remain under trajectory of positive growth. And this begins with our commitments to expanding both our expertise and investment capabilities. We will remain fully focused on meeting the needs of our existing clients. The U.S. market environment during the fourth quarter of 2014 was defined by a sharp rise in volatility associated with falling oil prices beyond a quantitative easing and concerns over the pace of global growth. Despite these factors, Westwood’s domestic investment strategies finished 2014 on a strong note with nearly every strategy posting a gain for the fourth quarter. Our large-cap value strategy had an exceptional fourth quarter well under the top quartile versus figures and joins all cap value, small-cap value and dividend growth in the top 40% of their respective peer groups for the year. We were especially pleased with the first year of our performance of our large-cap value and all-cap value concentrated strategies, which are an expression of our highest conviction ideas and leverage Westwood’s expertise in indentifying undervalued securities. Our large-cap concentrated strategy gained 19% outperforming the benchmark by 560 basis points and ranking in…

Thanks Brian and good afternoon everyone. For the fourth quarter of 2014, we’re reporting total revenues of $28.3 million, net income of $6 million and diluted earnings per share of $0.77. Economic earnings and non-GAAP metric was $9.7 million or $1.24 per share, assets under management increased to a record $20.3 billion at quarter end with positive inflows during the quarter. Total revenues were up 12% or $3 million from the same period in 2013 with advisory fees up 15% or $3.1 million and trust fees up 3% or $0.2 million. Diluted earnings per share of $0.77 and economic earnings per share of $1.24 were up 3% and 4% from the prior year respectively. For the fiscal 2014, total revenues were $113.2 million up 23% or $21.4 million from 2013. Net income increased 53% to $27.2 million compared to $17.8 million in 2013 and economic earnings increased 38% to $41.4 million compared to $30 million in 2013. Diluted earnings per share of $3.45 and economic earnings per share of $5.24 were up 49% and 34% respectively from the prior year demonstrating strong operating leverage due to increase in revenue. Firm wide assets under management of $20.3 billion consisted of institutional assets of $12.5 billion or 62% of the total, private wealth assets of $4.1 billion or 20% of the total and mutual fund assets of $3.7 billion or 18% of the total. Included in these amounts are Westwood International strategies of $3.3 billion or 34% increase from the prior year. 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 with cash and investments at yearend of $98 million up $22 million from fiscal year end 2013 and a debt free balance sheet. This has given us the flexibility to opportunistically expand our private wealth platform via the Woodway acquisition into a market it’s very strategic task. Our Board of Directors approved a quarterly cash dividend of $0.50 per share payable on April 01, 2015 to stockholders of record on March 13, 2015. This represents an annualized dividend yield of 3.3% at yesterday’s closing price. We encourage you to review the presentation we posted on our website reflecting fourth 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.

Thanks Tiffany. If anybody has any questions you can [Indiscernible] operator now.

[Operator Instructions]. Our first question comes from the line of John Fox with Fenimore Asset Management. Your line is now open.

Hello everyone.

Hi John.

Congratulations on a great year and on the local awards that sounds terrific. I said couple of minor questions that the global convertible products which I think was 500 when you announced it. Number one where is that reported I assume it’s an institutional but if you could just confirm that and how’s that doing in terms of growing at this point?

Sure, well the assets were not included because we have not finished the sub delegation agreement but there will be at some point here soon.

Okay.

The growth of the assets is like you would expect with any new product you have the challenge of chicken and egg problem where you got to get to a $100 million before people want to put a lot of money in there. So one of the things that we’ve just approved in our usage structure is a founders share class whereby for the first group of prospects that sign up they will receive a reduced fee and to incentivize them to participate. Our group was just in Europe a week and half ago, they spent a week doing meetings. They have got several prospects that look promising and I would expect we will see some funds coming into that fund pretty soon.

Okay. So just to confirm there is nothing in there today in your 20 billion AUM for that product at all?

That’s correct.

Okay. Do you have the sales and redemptions by the three segments like you normally have in queue so it likely [Indiscernible].

Yes, you will have to wait for the [Indiscernible] sorry John, I know it’s exciting reading but…

It is, I was anxious but okay and you have the employee headcount end of the year?

130.

Okay. Thank you.

Thank you John. We appreciate your support.

Our next question comes from the line of Mac Sykes with Gabelli & Company. Your line is now open. Please go ahead.

Good afternoon gentlemen. And I would back to the John's comment about the great year and congrats on the Woodway announcement. In terms of that announcement in the headlines I guess there was [Indiscernible] through the Trust business do you accelerate the potential volume transactions or do you feel that you are going to be more focused on the integrations and organic goals internally?

Well, I think we will accelerate interest from others who might want to talk to us. This transaction is one that took place after many years of talking to the folks at Woodway. I think we first met them over a decade ago and just like your prospecting for new institutional accounts, we are always prospecting for great companies who might want to be part of us and in this case it just all came together in a way that made sense for everybody and we decided to move forward. We have got lots of those prospects that we talked to over the years and I think if nothing else it shows that we are very serious about it, we are very selective. It's important that any of these acquisition opportunities meet our criteria culturally they have to be a good fit and we expect them to be just in terms of Woodway.

And my follow-up you certainly generated significant growth over the last year, can you highlight any specific areas where you plan to increase headcount and given all sort of the geographic changes are there any places where you don't necessarily feel you have the right resources in place?

Yes, we have worked really hard over the last couple of years to build out the sales part of our business and we have opportunistically added investment talent where we felt like they could help us. So we have added both in terms of talent on the investment side we have added both veteran analysts as well as additions to our research associate program which I have talked about in previous calls where we hired kids directly out of school, we hired some of the best and brightest. We put them through the CFA program. We pair them with senior analysts and they work over a period of many years to develop into an analyst. But beyond that with the addition of all the sales folks that we have hired really the next phase is to build the marketing support behind the sales people. We hire a lot of sales people they need brochures, they need thought leadership pieces, they need information to take up to the market. So that’s really another area that we are going to start to add people as in the marketing support area. Tiffany you may comment on couple of other areas where we have got some open positions but from my perspective those are counted too much important.

I would agree with Brian. I mean we are building out our infrastructure as well so there is certain positions that are open and available there that we are expanding on.

Great and then on the southern wealth mandate that you mentioned congratulations on that by the way, is this - should we think this is sort of a onetime allocation or the potential for additional allocations overtime and also the potential for other parts in the platform, just maybe a little more color on that would be great. Thank you.

Sure. Well I would expect this to be funded over a period of months. It will go into our emerging markets plus strategy. It is one of the premiere southern wealth funds and while they are interested in that strategy as with all of our institutional customers, we hope to introduce them to other strategies that they might benefit from.

Great. Thank you, really nice quarter gentlemen.

Thank you Mac, appreciate it.

[Operator Instructions] Our next question comes from the line of Robert Mitchell with Conestoga Capital. Your line is now open. Please go ahead.

Hi, good afternoon.

Hi Bob. Good. How are you?

Good. Great year again and it's going to be the third questioner on the call. But I wanted to ask you about the expenses in terms of particularly fourth quarter kind of year-over-year. It looks like there has been a little bit of step up in terms of some expenses particularly at the professional services line I mean you mentioned your investments in sales and marketing so that add some color to that but maybe just talk about little bit increase in expenses and were there any one time items in the quarter or how should we think about that going forward.

Yes, I mean the professional service line is probably the biggest one we are looking at. It's got a lot of legal cost for the Woodway acquisition that are in that. Those I would consider onetime type cost. The Boston team came on board in the last quarter obviously so there was a lift there from that. We hired a number of new people in the last quarter. The on boarding cost as well for bringing on the Boston team to certain research tools software licenses that kind of thing.

Okay. Thank you.

[Operator Instructions]. And I am showing no further questions on the phone lines at this time.

Okay. Very good. Well, if you have any additional questions please call us directly either Tiffany or myself. Visit our website at westwoodgroup.com and thanks again for being our shareholder. We appreciate your interest in Westwood.

Ladies and gentlemen thank you for your participation in today's conference. This concludes the program. You may now disconnect. Everyone have a great day.