(Toronto) The Onex conglomerate has signed an agreement to transfer its wealth management advisory teams from Gluskin Sheff to RBC Wealth Management Canada.

As part of this plan, RBC Wealth Management will offer employment to all advisory teams at Gluskin Sheff, Onex’s private management company.

The latter explained that she intends to end the wealth management and wealth planning activities of Gluskin Sheff which will not have been transferred to RBC Wealth Management.

The two companies have also agreed to work together to expand the distribution of Onex investment products through RBC Wealth Management.

Onex Chairman Bobby Le Blanc said the deal would allow the company to focus on investing, asset management and product development while leveraging scale and strength of one of the largest wealth management platforms in the country.

RBC Wealth Management Canada is responsible for the administration of assets totaling $533 billion.