PROVEN Investments Limited  has 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 Heritage Education Funds International Inc. (Heritage).

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 over 50,000 children in its plan since its inception in 1983 and oversees approximately US$150 million in assets under management.

Already operating in three of the four main territories that Heritage services, this move by PROVEN will help strengthen the Heritage business, by bringing in a respected, local and agile organisation that knows the region and is committed to serving, investing in and growing the operations.

“We at PROVEN see this acquisition as complementary to our current financial services offerings, and an opportunity to widen our presence in the wealth management space throughout the Caribbean. The Heritage Plan is very similar to the product offerings of our other wealth management subsidiaries, with operations in Jamaica, Cayman, Bermuda and BVI, and we look forward to welcoming the Heritage clients to the fold and offering them the same first-class service that is synonymous with the PROVEN brand,” said Johann Heaven, head of banking & wealth at PROVEN.

 “We strongly believe that this transaction will help Heritage International Scholarship Trust Plans thrive and grow within the Caribbean region, with a local and experienced wealth management leader at the helm, while allowing for focus and pace on advancing our Canadian strategies at home,” said Carrie Russell, President and CEO, Knowledge First Foundation and Knowledge First Financial Inc.  

Knowledge First Financial and PROVEN will work together to ensure a smooth and seamless transition of the business. Completion of this transaction is subject to regulatory approval and other customary closing conditions.

The completion of this Share Purchase Agreement to acquire Heritage Education Funds International Inc. comes on the heels of PROVEN’s recent signing of agreements to acquire  50.5 per cent interest in Roberts Manufacturing Co. Limited in Barbados and 100 per cent interest in Fidelity Bank (Cayman) Limited.