Onex Provides Update on Gluskin Sheff
March 24 2023 - 8:15AM
Earlier today, Onex Corporation (TSX: ONEX) announced an agreement
with RBC Wealth Management Canada (“RBC WMC”) to expand
distribution of Onex investment products through RBC WMC. All
advisor team employees of Gluskin Sheff will be offered employment
with RBC WMC. Consequently, Gluskin Sheff intends to wind down its
wealth management and wealth planning operations not transferred to
RBC WMC.
Onex will continue to focus on the creation of
highly differentiated alternative investment products, including
those to be made available to RBC WMC advisors and clients.
“Gluskin Sheff has a long and successful track
record of delivering innovation, results and high client
satisfaction in the Canadian wealth management sector. We are proud
of our association with the team and are grateful for their
contributions. I am confident in the value they will continue to
drive for their clients,” said Bobby Le Blanc, President of
Onex.
“As we have indicated previously, the private
wealth channel remains an area of significant potential growth for
Onex. This agreement with one of Canada’s largest wealth management
platforms represents an attractive near- and long-term opportunity
to diversify and expand our reach among private investors,” added
Mr. Le Blanc.
Onex expects to recognize a non-cash impairment
of goodwill and intangibles and a restructuring charge in
connection with the transfer and wind down of Gluskin Sheff’s
residual operations. The wind down will be effected in accordance
with applicable regulatory obligations, including any required
notice to or approval by regulators. Onex expects to provide an
update on the wind down and its financial impact with its first
quarter earnings results in May 2023.
About Onex
Onex is an investor and asset manager that
invests capital on behalf of Onex shareholders and clients across
the globe. Formed in 1984, we have a long track record of creating
value for our clients and shareholders. Onex’ two primary
businesses are Private Equity and Credit. In Private Equity, we
raise funds from third-party investors, or limited partners, and
invest them, along with Onex’ own investing capital, through the
funds of our private equity platforms, Onex Partners and ONCAP.
Similarly, in Credit, we raise and invest capital across several
private credit, public credit and public equity strategies. Our
investors include a broad range of global clients, including public
and private pension plans, sovereign wealth funds, insurance
companies and family offices. In total, Onex has
US$50.8 billion in assets under management, of which
US$7.9 billion is Onex’ own investing capital. With offices in
Toronto, New York, New Jersey, Boston and London, Onex and its
experienced management teams are collectively the largest investors
across Onex’ platforms.
Onex is listed on the Toronto Stock Exchange
under the symbol ONEX. For more information on Onex, visit its
website at www.onex.com. Onex’ security filings can also be
accessed at www.sedar.com.
Forward-Looking Statements
This press release may contain, without
limitation, statements concerning possible or assumed future
operations, performance or results preceded by, followed by or that
include words such as “believes”, “expects”, “potential”,
“anticipates”, “estimates”, “intends”, “plans” and words of similar
connotation, which would constitute forward-looking statements.
Forward-looking statements are not guarantees. The reader should
not place undue reliance on forward-looking statements and
information because they involve significant and diverse risks and
uncertainties that may cause actual operations, performance or
results to be materially different from those indicated in these
forward-looking statements. Except as may be required by Canadian
securities law, Onex is under no obligation to update any
forward-looking statements contained herein should material facts
change due to new information, future events or other factors.
These cautionary statements expressly qualify all forward-looking
statements in this press release.
For
Further
Information:
Jill Homenuk Managing Director – Shareholder Relations and
CommunicationsTel: +1 416.362.7711 |
Zev KormanVice President, Shareholder Relations and
CommunicationsTel: +1 416.362.7711 |
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