Thank you all for holding and welcome to the Westwood Holdings Group Fourth Quarter 2013 Earnings Conference Call. Today’s call will begin with a presentation followed by a question-and-answer session. (Operator Instructions) I would now like to turn the call over to your host for today’s conference; Sylvia Fry, Senior Vice President and Chief Compliance Officer. Ms. Fry, your line is now open.

Thank you. Good afternoon and welcome to our fourth quarter 2013 earnings conference call. I’d like to start 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 statement. 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 10K for the year ended December 31, 2012, 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 and economic earnings per share to the most comparable GAAP measures is included at the end of our press release issued earlier today. On our call today 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 Chief Executive Officer.

Thanks, Sylvia, and good afternoon everyone. Welcome to the fourth quarter earnings call. Thank you for taking the time to join us today. The fourth quarter of 2013 was a record-setting quarter in many respects across our business. Mark Wallace will cover the specific milestones with respect to revenues earnings and assets under management. But I would like to first take a minute to thank all of my colleagues for their effort and dedication to serving our clients. We always say that we believe that owners work harder than employees and that our business goes up and down the elevator every day. These results are proof that each and every person can make a difference for our clients and shareholders. The past year was the 10th best year in the history for S&P 500 and Westwood’s domestic investment strategies finished the year well. Our SmallCap value team delivered a return of just over 11% for the quarter, outperforming a roughly 2000 value index by over 200 basis points, and for the year Westwood SmallCap value products returned 51% and outperformed the index by over 1600 basis points; ranking in the top 5% of its peer group for one year, and in the top decile for three years. Our MLP and income opportunity strategies also delivered superior positive absolute and relative performance in the fourth quarter despite of volatile interest rate environment. For the year Westwood’s MLP product posted a return of nearly 37% while income opportunity gained over 16% with the volatility profile similar to the ten-year Treasury. Both strategies outperformed their respective indices by nearly 1000 basis points in 2013. However SMid and SMid plus products kept up with their respective benchmarks in a strong fourth-quarter rally to round up the year. Given the continued relative bias towards SmallCap…

Thanks, Brian, and good afternoon everyone. Today we reported record financial results for both the fourth quarter and full year 2013. For the quarter revenue were up 22% to $25.3 million from the same period in 2012 and were 10% higher on a sequential basis. Diluted earnings per share for the quarter were 55% higher than last year and economic EPS was up 31%. Our results were driven by firm-wide net inflows for the fourth quarter exceeding $660 million, net flows were concentrated in or income opportunity, LargeCap and in emerging market strategies. For the year revenue was up 18% to $91.8 million with diluted earnings per share increasing 42% to $2.34 per share. Economic EPS was 24% higher. Total assets under management increased $4.8 billion during the year with more balance and the diversifications across distribution channels. Institutional assets under management at year-end where $12.1 billion representing 64% of total AUM, private wealth now stands at $4 billion or 21% and mutual funds at $2.8 billion or 15%. Westwood International synergies now comprise 13% of total AUM with clients diversified across the US, Canada Australia and Europe. We believe it’s important to maintain a strong and liquid balance sheet that allows us to both invest in our business and provide an attractive current yield to our shareholders. Cash and investment increased $11 million during the year to $75 million and we continue to have no long-term debt. Today, our Board of Directors approved a quarterly cash dividend of $0.44 per share payable on April 1 to stockholders of record on March 14. That represents an annualized dividend of 3.2% at yesterday’s closing price. We encourage you to review the presentation posted on our website which reflects highlights of our fourth quarter and full-year results as well as longer term trends. Over the past five years we have achieved a compound annual growth rate exceeding 21% in assets under management and 18% of the incurring fee revenues with net inflows $2.2 billion. We have achieved a strong weighted growth in dividend and earnings per share on both the GAAP and economic basis. As Brian mentioned on our last call we have now paid dividend to shareholders in excess of $100 million since our spinoff in 2002. In closing, we believe we executed well on our strategic initiatives in 2013 and are well-positioned to continue delivering value for our shareholders. I’ll now turn the call back over to Brian

Thanks Mark and we’ll be happy to take any questions if you have one

(Operator instructions) And our first question comes from the line of Mac Sykes with Gabelli & Company; your line is now opened. Mac Sykes - Gabelli & Company: Congrats gentlemen on the record AUM and strong year, and also maintaining your entrepreneurial culture. My question is in terms of your spend (Ph) resources for 2014, how are you thinking about allocating some of that capital, are you focusing on a distribution International, perhaps just some color on your growth plans for next year?

Well Mac we have made a concerted effort over the last year so to expand our distribution platform we hired a new head of institutional global sales last year, we hired a wholesaler last year, we are looking for a dedicated institutional sales person this year. So we continue to do that. Historically, we have always spend our capital on investment talent and building out our investment platform, but look for us to continue to build that out as well as our sales. Mac Sykes - Gabelli & Company: The short duration fund, how much does that have?

At the end of the year it had a little over $100 million.

(Operator instructions)

Okay, do we have any questions?

I’m not showing any further questions in the queue.

Very good, we will also conclude our call and we appreciate everybody listening. If you have any questions please give us a call, Mark or myself; or visit our website at westwoodgroup.com. Thanks for your interest