(Bloomberg) -- Onex Corp. hired Peter Brown to lead its client team, choosing a longtime UBS Group executive to reboot its fundraising efforts.  

Brown joined the Canadian investment firm this month as head of client and product solutions, which is responsible for raising money, according to Onex’s website. He spent almost 20 years as part of UBS’s private funds group, most recently as managing director and head of distribution, according to his LinkedIn profile.  

Onex Chief Executive Officer Bobby Le Blanc, who took over in May, has been trimming expenses after the private equity industry was hit by rising borrowing costs and recession fears. The Toronto-based company, which manages about $50 billion of assets, abandoned plans to expand its private wealth business last year and paused fundraising for its flagship fund. 

The firm had targeted $8 billion for the sixth buyout fund when it began seeking investors in 2022, but had generated just $2 billion as of February — including $1.5 billion of its own money. 

Onex and Brown didn’t return requests for comment. 

Read More: Onex to Cut Costs as It Stops Raising Money for Flagship Fund

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