DundeeWealth Inc. suffered a loss after another steep writedown of asset-backed commercial paper during the first quarter ended March 31.

On Monday evening, the independent wealth management company reported a net loss of $49.7 million, or 35¢ a share. That compares with a profit of $7.9 million, or 7¢ a share, for the year ago period.

Revenue was $211.3 million in the January-March period, off from $226.9 million a year earlier.

Assets under management grew 11% to $28 billion when compared with the year-ago quarter-end.

DundeeWealth took a $75.9 million ABCP writedown, on top of $95.2 million written down last year.

At the end of March, DundeeWealth held $379.4 million worth of ABCP.