Investing
RBC Snares Gluskin Wealth Managers as Onex Abandons Strategy
- Onex bought wealth manager in 2019 in diversification push
- Firm to refocus on core business of alternative investing
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Onex Corp. has walked away from a strategy of expanding in private wealth as it refocuses on its core business of managing private equity and credit funds.
Toronto-based Onex will transfer its Gluskin Sheff private wealth teams to Royal Bank of Canada and wind down the rest of its wealth management operations, unraveling a 2019 deal Onex made to try to gain more business from rich individuals.