Westwood Holdings Group is a Dallas-based asset management and wealth management firm with roughly $16.5B in AUM. Westwood operates two core businesses: an institutional and retail investment advisory business (Westwood Management) and a Texas-chartered trust company (Westwood Trust) serving high net worth individuals and families. On the investment advisory side, Westwood manages money for pensions, endowments, foundations, and individual clients across separate accounts, mutual funds, ETFs, and private capital funds. Westwood's core investment franchise is U.S. value equity — fundamental, bottom-up stock picking — though the firm has expanded into multi-asset income, MLP and midstream energy infrastructure, tactical absolute return, and customized institutional portfolio solutions. Westwood Trust provides investment management, fiduciary, and custodial services, and is repositioning toward an ultra-high net worth multifamily office model focused on Texas families. Westwood earns revenue primarily through asset-based fees, making revenue highly sensitive to market levels and net flows. The cost base is largely fixed employee compensation, so AUM growth expands margins while outflows compress them. Beyond organic growth, Westwood has launched an ETF platform, raised private capital funds focused on energy secondaries, and made acquisitions to broaden its capabilities, including Salient Partners in 2022 and Broadmark in 2023.