Onex Corp. might be best known for flashy takeovers like its 2019 purchase of WestJet Airlines Ltd., but the Canadian financial giant with more than $45​ billion in assets under management is making a push to be about much more than private equity.  

Onex President Bobby Le Blanc said in an interview his company has been restructured to focus on growth in its burgeoning credit and wealth management operations. 

"If you don't have a really good idea of where you want to deploy capital, and know where those opportunities are going to come from before they get to you, it's really hard to compete [in private equity] today," he stated, while pointing out that Onex has narrowed its private equity strategy down to a limited number of industries.  

That more disciplined approach in private equity is coming at a time when Onex is counting on a growth spurt in its credit operations.

"We think we can grow that credit business 25 to 30 per cent this year and another 20 (per cent) plus next year," Le Blanc said.  

Wealth management has also become an important growth platform for Onex, which staked its ground a few years ago when it acquired Gluskin Sheff + Associates Inc. for $445 million. 

That move seems to have satisfied Onex's management team as Le Blanc said there’s no more M&A activity in the cards for the time being. 

"We're not looking at any more inorganic opportunity around wealth.”​