On November 18, Willkie client Westwood Holdings Group, Inc., a Dallas-based investment management boutique and wealth management firm, acquired the asset management business of Salient Partners, L.P., a Houston-based asset management firm.

The acquisition entailed an upfront payment of $35 million in cash, subject to certain customary adjustments, with deferred payments of cash and equity of up to $25 million over several years, upon satisfaction of certain revenue retention and growth targets.

Through the transaction, Westwood also acquired Salient’s significant minority stake in Broadmark Asset Management LLC. Broadmark is a San Francisco-based asset manager offering hedged equity strategies and serves as sub-adviser to a pair of mutual funds and separately managed accounts now offered by Westwood.

The acquisition of Salient’s asset management business increases Westwood’s total assets under management by 33% to $16.3 billion, adding specialization and scale across Westwood’s Multi-Asset, Real Assets and Alternative range of strategies.

The Willkie team was led by partners David Boston and Danielle Scalzo and included partners Geri Anne McEvoy, Justin Browder and Christopher Peters and associate Tyler Born.