Westwood Holding Group to buy McCarthy Group Advisors

Sep 22, 2010 @ 5:18 pm

By Jeff Benjamin

Westwood Holdings Group Inc. Ticker:(WHG) today announced that it has reached an agreement to acquire McCarthy Group Advisors LLC in a deal that is expected to close by the end of the year.

Details of the transaction were not disclosed beyond that it will be accretive to Westwood’s earnings.

According to the most recent filings, Westwood has $9.7 billion under management, including $1.8 billion under management at Westwood Trust, a wholly owned subsidiary of Westwood Holdings.

McCarthy Group has more than $1 billion under management in private-wealth and institutional-client assets, and serves as the adviser to the McCarthy Multi-Cap Stock Fund Ticker:(MGAMX).

Based on comments from Westwood president and chief executive Brian Casey, it appears that the company might be planning to leverage the McCarthy model to expand the distribution of the Westwood Trust.

“We have been seeking opportunities to expand the Westwood Trust platform into additional markets and have found an excellent fit in McCarthy,” Mr. Casey said in a statement.

Representatives from both companies could not immediately be reached for comment.

“The combination with Westwood will provide our clients with expanded investment opportunities, and continuity in the investment process and discipline which have guided McCarthy Group Advisors for over two decades,” McCarthy chairman Art Burtscher said in a statement.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

Albridge's Butler: Making advisers of tomorrow more effective and efficient

Gadget Girl checks out the latest tech from Albridge and how they're helping advisers stay one step ahead of the curve.

Video Spotlight

Will It Last As Long As Your Clients Do?

Sponsored by Prudential

Video Spotlight

The Catalyst

Sponsored by Pershing

Latest news & opinion

Nationwide's 401(k) record-keeping fees are excessive, lawsuit claims

Plaintiffs claim practice of charging plans a percentage of assets is unreasonable.

Wealth management firms struggle with lower fees, fewer new clients

Advisers in North America earned less from clients last year and saw a decline in average fees, according to a new report by PriceMetrix.

These investors are allowed to put $500K into a Roth IRA at once

The HEART Act permits rolling all or part of life-insurance and combat-related-fatality payouts directly into the tax-free retirement plan, but few take advantage.

Labor's Alexander Acosta and SEC's Jay Clayton tell lawmakers they will work together on fiduciary rule

In separate appearances before Senate panels, the regulators stressed the cooperation that Republican legislators and opponents of the DOL fiduciary rule are demanding.

Brian Block denies cooking the books at Schorsch REIT

Former CFO claims everything he did was 'appropriate' and 'correct.'

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print