RBC Snares Gluskin Wealth Managers as Onex Abandons Strategy (2)

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.

RBC’s wealth management unit will offer jobs to about 40 Gluskin advisers, according to a person familiar with the matter. The bank will also allow the distribution of Onex-managed funds to its customers, ...