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Onex provides update on Gluskin Sheff
The Fly

Onex provides update on Gluskin Sheff

Onex Corporation announced an agreement with RBC Wealth Management Canada 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. 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.

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