A $231 million writedown on investments led DundeeWealth Inc. to record a loss for 2008, the company said Wednesday.

The company said it lost $186.7 million, or $1.31 per share, in 2008 compared with a loss of $59 million, or 42¢ share, in 2007.

Revenue for the year totalled $819.4 million, down from $1 billion the previous year.

During 2008, DundeeWealth took a $113.8 million hit on its asset-backed commercial paper investments, a $100 million charge to its collateralized loan obligations, and $17.2 million to other investments.

IE