Thank you all for holding and welcome to the Westwood Holding Group Fourth Quarter 2012 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to your host for today’s conference, Sylvia Fry, Vice President and Chief Compliance Officer. Ms. Fry, your line is now open.

Thank you. Good afternoon and welcome to our fourth quarter earnings conference call. I’d like to start off the call by reading our forward-looking statements disclaimer. The following discussion will include forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from those contemplated by the forward-looking statements. Additional information concerning the factors that could cause such a difference is included in our press release issued earlier today, as well as in our Annual Report on Form 10-K for the year ended December 31, 2011, filed with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on forward-looking statements. In addition, in accordance with SEC rules concerning non-GAAP financial measures, the reconciliation of our economic earnings, economic earnings per share and economic expenses to the most comparable GAAP measures is included at the end of our press release issued earlier today. On the call, we will have Brian Casey, our President and Chief Executive Officer; and Mark Wallace, our Chief Financial Officer. I will now turn the call over to Brian Casey, our CEO.

Thanks, Sylvia, and thanks for joining our call today. We appreciate you being here. We’re pleased with our fourth quarter and our full-year results for 2012. We closed the year with record assets under management of $14.2 billion and the strongest balance sheet we’ve ever had, with over $63 million in cash and investments with no debt. It’s funny when I read that. It’s hard to believe that we have more cash and investments today than the value of our whole company was 10 years or 12 years ago and it really gets me excited to think about where we might be 10 years from now. I’ll turn it over to performance and make a few comments. Our Income, SmallCap and MLP products performed exceptionally well in 2012. Our MLP product beat its benchmark by over 7%, SmallCap completed a third consecutive year of outperformance and Income opportunity had a nice total return while also providing a generous yield. Our LargeCap, MidCap and AllCap funds showed improvement in the fourth quarter but fell short of their benchmarks for the calendar year. While all our products are designed to produce alpha, the investing environment for MidCap and LargeCap active managers has been specially challenging for the past few years. Our active share is high across all our products and our teams are very focused on building on the improvement shown in the fourth quarter in order to deliver exceptional performance for our clients this year. In addition to celebrating our 10-year anniversary as a public company last summer, we just celebrated a 10-year anniversary of our Income Opportunity fund. And as you may recall, this fund is designed to produce income and modest capital appreciation with low volatility. And if you take a minute and go to our website, under the…

Thanks, Brian. Good afternoon, everyone. It’s good to be on my first earnings call since joining Westwood late last year. As normal, we have slides posted to our Investor Relations section on our website that should be helpful to put our 2012 performance in context with longer-term trends. As Brian mentioned, Westwood finished a successful year in 2012 with solid fourth quarter performance, record assets under management, strong balance sheet and excellent progress by our Westwood International team. Revenues increased 21% and $20.6 million compared to $17 million in the second quarter of the prior year. Advisory fees were up 15% as average assets under management increased due to market depreciation [indiscernible] and asset inflows from new and existing clients, partially offset by withdrawal requests from clients. Trustees increased 27% as trust assets under management were also up 27% due to market appreciation, vibration of assets from legacy Omaha products and Westwood Trust and net inflows from clients. During the fourth quarter, we also recognized a pre-tax gain of just under $1 million related to the sale of 100,000 shares of Teton Advisors. Economic earnings for the fourth quarter 2012 were $6.6 million and comparable to the fourth quarter of the prior year. Economic EPS, at $0.89, was slightly below the $0.92 we reported for the second quarter of 2011. Westwood International had assets under management at year end of $888 million. Our results reflect the significant investment we are making in the start up of Westwood International, including $3 million of costs in the fourth quarter. While our Canadian operations contributed less than $2 million of revenue in 2012, Westwood International is off to a great start, with strong momentum, a robust pipeline of prospective customers as well as consistent inflows to the Emerging Markets Fund that we sub-advise…

Thanks, Mark, great job. If you have a question, please press one on your phone, I'll be happy to answer it.

First question by Mac Sykes.

I have 2 questions. As we look forward in 2013, could you rank what you see as the most promising growth prospects among your products? And then secondly, what is on your wish list in terms of adding additional investment strategies?

Max, we’re excited about a lot of products. The -- starting here in Dallas, with the MLP product, it has been one that we’ve worked at for a long time. And part of our mission with MLP has been to educate the investing public on the merits of MLPs. So there’s been a lot of time invested in having meetings to help people understand what an MLP is, what are the tax ramifications of owning MLPs and what are some of the benefits. And that’s starting to pay off; it's not happening as fast as we’d like for it to, but we are in some searches and we do expect to fund some new accounts here in the first quarter. Our SmallCap portfolio has had 3 years of consecutive out performance and we’re in a number of search opportunities that we hope to capitalize on those. Income has been really unbelievable. The mutual fund, especially, is taking in flows on a daily basis. And we’ve really started to see more opportunities from separate accounts. I think about a year ago, we had almost nothing in separate accounts for our Income Opportunity fund and we’ve got probably 12 or so now and we’ve got a couple of finals that I know of in the next couple of weeks coming up. And interest continues to grow. As interest rates are at historic lows, when we can show the chart that you find on the website to a prospective customer, that looks pretty appealing in today’s environment. In terms of Westwood International Advisors, the interest level is very high. The Emerging Market product is in great demand. We’re off to a terrific start. The Global and Global Dividend funds had exceptional performance during the third and fourth quarter, in the top quartile of their peer groups. So while those who don’t have as long a record or are as well known as the Emerging Market, there is levels of interest there, as well. So we’re really excited. As I mentioned in my prepared remarks, the pipeline for new business has never been as good as it is today. And then secondly, what’s on our wish list for new products? I would say for right now we have just about all that we can handle. And we’re not looking at developing or starting anything else. What we’re really focused on is looking at acquisition opportunities in the private wealth area and we’ve started to gear up conversations with potential partners in the private wealth space.

[Operator Instructions] At this time, there are no more questions in queue.

Very good. Well, we appreciate your time today and if you have any further questions, please go to our website at westwoodgroup.com, or give myself or Mark Wallace a call, we’d be -- look forward to talking to you. Thanks again.

That concludes today’s conference. Thank you for your participation. You may now disconnect.