Boston Private Financial Holdings, the US banking group covering activities including wealth management, yesterday said net income from continuing operations in the fourth quarter of 2009 rose to $11.9 million, surging from $390,000 in the previous quarter.

The fourth-quarter net income figure was $42.2 million if the gain from the sale of Westfield Capital Management was added, the firm said in a statement.

For the full year of 2009, the company reported net income of $5.2 million. After accounting for non-cash equity adjustments and preferred dividends, the firm reported a 2009 loss per share, under GAAP principles, of ($0.52), compared to a net loss of $388.8 million, or ($8.87) per share, for 2008.

Revenue for the fourth quarter was $83.4 million, an increase of $17.2 million, or 26 per cent, from $66.2 million in the third quarter. On a year-to-date basis, revenue was up 2 per cent to $285.9 million.

The wealth advisory and investment management businesses experienced an increase in assets under management - adjusted for affiliate sales - and an increase in fee income during the fourth quarter. Total assets under management/advisory rose by 2 per cent, or $377 million, to $18.5 billion in the fourth quarter.