United Asset Management, a fast-growing acquirer of money management firms, reported Wednesday a net loss of $75.4 million for the fourth quarter, versus a $34.5 million gain one year earlier.

The loss reflects a previously announced noncash charge of $171 million against the recorded cost of client contracts at two UAM affiliates, Heitman Financial Ltd. and Newbold's Asset Management Inc. Excluding the charge, UAM posted income of $23.9 million for the fourth quarter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.