Gluskin Sheff advisors to move to RBC Wealth Management

By Melissa Shin | March 24, 2023 | Last updated on October 27, 2023
2 min read
Royal Bank of Canada storefront sign in a Downtown rural sreet of small town Canadian city of Brighton near Pesquile Lake Provincial Park in the summer cloudy and sunny day stock photo
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Onex Corp. has signed an agreement to move its Gluskin Sheff wealth management advisor teams to RBC Wealth Management Canada.

Under the plan, RBC Wealth Management will offer employment to all of the advisor teams of Gluskin Sheff + Associates Inc., Onex’s private wealth business.

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

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

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.

In a statement, David Agnew, CEO of RBC Wealth Management Canada, said the agreement “bolsters our investment solutions” while giving Gluskin Sheff advisors and clients access to RBC’s family office group, investment management resources and wealth planning team.

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

Onex acquired Gluskin Sheff in 2019, with Onex’s CEO Gerry Schwartz saying the deal would provide greater investment options to clients of both firms by “combining Gluskin Sheff’s public securities investing platforms with Onex’s private equity and private debt platforms.”

In January 2022, Gluskin Sheff appointed Dave Kelly, former senior vice-president and head of TD Wealth Private Wealth Management, as its head.

Gluskin Sheff had launched customized insurance offerings in October 2022 after it recruited a team from Sterling Park Financial Group, a Canadian insurance advisory firm.

According to Onex’s 2022 annual report, the firm’s fee-generating assets under management increased at a compound annual growth rate of 9% over the past five years, including the contribution from Gluskin Sheff and another recently acquired division, Onex Falcon. Excluding the two acquisitions, the growth rate was 2% over the same period.

Onex experienced fee-related losses in its 2022 fiscal year, but an Onex spokesperson said in an email that Gluskin Sheff has not been a significant contributor to fee-related earnings or losses.

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Melissa Shin

Melissa is the editorial director of and leads Newcom Media Inc.’s group of financial publications. She has been with the team since 2011 and been recognized by PMAC and CFA Society Toronto for her reporting. Reach her at You may also call or text 416-847-8038 to provide a confidential tip.