PROVEN Investments Limited has successfully acquired  Heritage Education Funds International. 

The completion of the deal comes five months after PROVEN Investments announced that it had entered into an agreement with Knowledge First Foundation, the parent company of Knowledge First Financial Inc., Canada’s largest Registered Education Savings Plan (RESP) company, to purchase its 100 per cent interest in all issued and outstanding shares of Heritage Education Funds International Inc.

The transaction includes the distribution and management of the Heritage International Scholarship Trust Plan (Heritage International Plan) and the member interests of the Heritage International Scholarship Trust Foundation.

Heritage specialises in administering and managing education savings plans (ESPs) for clients in the Bahamas, Bermuda, Jamaica, and the British Virgin Islands and has enrolled more than 50,000 children in its Heritage International Plan since its inception in 1983 and oversees approximately US$150 million in assets under management.

PROVEN outlined that it would be working with Knowledge First over the next year as the businesses support a smooth and seamlessly transition for operational efficiency.

“The acquisition of the Heritage Education Funds International is a deliberate strategic priority for PROVEN. We deem this as complementary to our current financial services offerings that posit an opportunity to not only widen our presence in the wealth management space throughout the Caribbean but, more importantly, to improve on efficiencies, client touchpoints and digital enhancements for stakeholders,” said Johan Heaven, head of banking and wealth at PROVEN.

“With similarity to the product offerings of our other wealth management subsidiaries in Jamaica, Cayman, Bermuda and BVI; we look forward to seamlessly working with the Heritage team and serving our clients with the same first-class service that is synonymous with the PROVEN brand.”

Carrie Russell, president and CEO, Knowledge First Foundation and Knowledge First Financial Inc, said: “Heritage Education Funds International is in great hands.”

Russell added: “This transaction will strengthen the company, providing local leadership that has a keen sense of the market and its distinct needs.”

Already operating in three of the four jurisdictions that Heritage International services, PROVEN said this transaction would allow it to further strengthen the Heritage business, bringing in a respected, local and agile organisation that knows the region and is committed to investing in and growing the operations.