TORONTO — Onex Corp. reported a first-quarter loss as the company worked to wind down its Gluskin Sheff wealth management business and move the adviser teams to RBC Wealth Management Canada.
The private equity investment firm, which keeps its books in U.S. dollars, says it lost US$232 million or US$2.87 per diluted share for the quarter ended March 31, compared with a profit of US$164 million or US$1.89 per diluted share a year ago.
Onex announced a deal in March that will see RBC Wealth Management Canada offer employment to all of the adviser teams of Gluskin Sheff, Onex’s private wealth business, and expand distribution of Onex investment products through its network.
In connection with the plan, Onex recorded a non-cash impairment charge of US$171 million related to a writedown of property and equipment, goodwill and intangible assets.
A restructuring provision of US$20 million was taken in the quarter in connection with the planned transition.
The quarterly results came a day after Bobby Le Blanc officially took over as chief executive of the company, replacing founder Gerry Schwartz, who remains chair.
This report by The Canadian Press was first published May 12, 2023.
Companies in this story: (TSX:ONEX)
