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Westwood acquires USD52m in mutual fund assets


Westwood Holdings Group has completed the reorganisation of the Philadelphia Fund into the WHG LargeCap Value Fund.

The shareholders of the Philadelphia Fund approved the reorganisation at a meeting on 6 November 2009.

As of 13 November 2009, the Philadelphia Fund and the WHG LargeCap Value Fund had assets of approximately USD52m and USD139m, respectively.

Brian Casey, Westwood’s president and chief executive, says: “We welcome our newest shareholders into the WHG LargeCap Value Fund and will strive to provide them with the strong performance and superior client service that we seek to deliver to all of our clients. Our new shareholders will also benefit from a lower, capped expense ratio and a larger, more diverse family of mutual funds that the WHG funds offer.”

The WHG LargeCap Value Fund uses the same investment process, philosophy and team as Westwood’s large cap institutional strategy.

Casey adds: “This accretive transaction increases assets in the WHG LargeCap Value Fund to over USD190m and provides additional scale to the WHG Funds, which have now surpassed USD500m in assets in less than four years from the launch of our first fund.”

The WHG funds consist of WHG LargeCap Value, WHG SMidCap, WHG SmallCap Value, WHG Income Opportunity and WHG Balanced.

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