Westwood Holding Group to buy McCarthy Group Advisors

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.