Westwood to acquire Salient's asset management business for $35M cash plus up to $25M earn-out

WESTWOOD HOLDINGS GROUP INC

Acquisition of Salient's $4.5B AUM increases Westwood's total AUM by 32% to $18.4B.
Upfront $35M cash, plus earn-out up to $25M based on revenue retention and growth targets.
Fabian Gomez appointed President, Porter Montgomery as COO, and Steven Paddon as Head of Institutional Sales.
Transaction expected to close by end of 2022, subject to client consents and customary conditions.
Westwood expects immediate accretion to earnings and will maintain a debt-free balance sheet.

item 1.01 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Fabian Gomez

President

WHG · WESTWOOD HOLDINGS GROUP INC

Effective: 2022-05-25
Filed: May 26, 2022, 7:59 PM ET

Effective May 25, 2022, the Board of Directors of the Company has appointed Fabian Gomez, age 56, to serve as the Company's President.

Role change

Brian Casey

President

WHG · WESTWOOD HOLDINGS GROUP INC

Effective: 2022-05-25
Successor: Fabian Gomez
Filed: May 26, 2022, 7:59 PM ET

Brian Casey, the Company's current Chief Executive Officer and President, has resigned from his position as President in order to accommodate the promotion of Mr. Gomez to that position.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Fabian Gomez was appointed as President at WESTWOOD HOLDINGS GROUP INC.

Action: appointed
Role: President

Exact text from the filing

Effective May 25, 2022, the Board of Directors of the Company has appointed Fabian Gomez, age 56, to serve as the Company's President.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Brian Casey resigned as President at WESTWOOD HOLDINGS GROUP INC.

Action: resigned
Role: President

Exact text from the filing

Brian Casey, the Company's current Chief Executive Officer and President, has resigned from his position as President in order to accommodate the promotion of Mr. Gomez to that position.

View on SEC.gov

WESTWOOD HOLDINGS GROUP INC filing history →

Source: SEC EDGAR

accession 0001165002-22-000079

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