Onex Corp. has signed an agreement to move its Gluskin Sheff wealth management advisor teams to RBC Wealth Management Canada (RBC WMC).

Under the plan, RBC WMC will offer employment to all of the advisor teams of Gluskin Sheff, Onex’s private wealth business.

Onex says Gluskin Sheff intends to wind down its wealth management and wealth planning operations not transferred to RBC WMC.

The two firms have also agreed to work together to expand distribution of Onex investment products through RBC WMC

Onex president Bobby Le Blanc says the deal will allow the company to focus on investing, asset management and product development while leveraging the scale and strength of one of the country’s largest wealth management platforms.

RBC WMC has responsibility for $533 billion of assets under administration.

This report by The Canadian Press was first published March 24, 2023.