Onex to wind down Gluskin Sheff with new RBC partnership

• The advisor team employees of Gluskin Sheff will be offered employment with RBC Wealth Management Canada
  
• Onex expects to incur a non-cash impairment of assets and a restructuring charge in connection with the transfer and wind down of Gluskin Sheff’s residual operations
• Onex closed a C$445 million acquisition of Gluskin Sheff + Associates, a Toronto-based wealth management company, in June 2019

Onex said Gluskin Sheff intends to wind down wealth management and planning operations not transferred to a new arrangement the Canadian private equity firm has begun with RBC Wealth Management Canada (RBC WMC).

The wind down is subject to relevant regulatory approval. The advisor team employees of Gluskin Sheff will be offered employment with RBC WMC.

Onex expects to incur a non-cash impairment of assets and a restructuring charge in connection with the transfer and wind down of Gluskin Sheff’s residual operations.

Onex will continue to focus on the creation of alternative investment products, including those to be made available to RBC WMC advisors and clients, the firm said in a statement.

“As we have indicated previously, the private wealth channel remains an area of significant potential growth for Onex. This agreement with one of Canada’s largest wealth management platforms represents an attractive near- and long-term opportunity to diversify and expand our reach among private investors,” said Bobby Le Blanc, president of Onex.

Onex closed a C$445 million take-private acquisition of Gluskin Sheff + Associates, a Toronto-based wealth management company, in June 2019. Thereafter, the business became Onex’s in-house wealth management platform.

Based in Toronto, Onex operates two primary businesses: private equity and credit. It managed about $51 billion of assets as of September 2022.