Related Party Transactions

12 Months Ended

Dec. 31, 2017

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS:

Some of our directors, executive officers and their affiliates invest personal funds directly in trust accounts that we manage. There was approximately $98,000 and $97,000 in fees due from these accounts as of December 31, 2017 and 2016, respectively. For the years ended December 31, 2017, 2016 and 2015, we recorded trust fees from these accounts of $375,000, $409,000, and $454,000, respectively.

The Company engages in transactions with its affiliates as part of our operations. Westwood International Advisors and Westwood Management provide investment advisory services to the UCITS Fund and the Westwood Funds®. Certain members of our management serve on the board of directors of the UCITS Fund, and we have capital invested in three of the Westwood Funds®. Under the terms of the investment advisory agreements, the Company earns fees paid by either clients of the fund or directly by the funds. The fees are based on negotiated fee schedules applied to AUM. These fees are commensurate with market rates. For the years ended December 31, 2017, 2016 and 2015, we recorded fees from the affiliated Funds of $4.0 million, $3.1 million and $1.3 million, respectively, which are included in “Asset-based advisory fees” on our Consolidated Statement of Comprehensive Income. As of December 31, 2017 and 2016, $423,000 and $270,000 of these fees were unpaid and included in “Accounts receivable” on our Consolidated Balance Sheets, respectively.