PROVEN is proud of this acquisition and is fully committed to continue Heritage’s rich tradition of helping families invest in and save for their children’s post-secondary/tertiary education.
History of Heritage International
Below are the key milestones and transformative moments that have shaped Heritage Education Funds International Inc. into the organisation it is today.
In 1965 the Canadian American Financial Corp. (Canada) Limited (CAFC), which later became Heritage Education Funds Inc, was founded.
It later established a foothold in Hong Kong, Latin America, Israel and the Caribbean in 1983
Five years later Heritage Scholarship Trust Foundation was created and the Heritage Plan launched. It quickly became one of the fastest-growing pooled RESPs (Registered Education Savings Plan) in Canada with close to 13,000 members enrolled a year after.
After 25 years in the RESP business, CAFC reached close to $10 million ($9,801,890) assets under management celebrates in 1990.
Two years later it paid out the highest in Scholarship Awards for the third year in a row. This was a 17% increase over other RESP Scholarship Awards. 1995 also marked the year the Jamaican office opened on the island.
By the beginning of the new millennium CAFC had paid out more than $9.2 million in Scholarships and Maturity refunds with assets under management exceeding $275 million and 100,000 children enrolled in the Heritage Plan.
In 2004, the senior management team purchased the business from Allianz, subsequently changing its name to Heritage Education Funds Inc.
A year later the Heritage Education Funds celebrated 40 years with over $1 billion in assets under management.
Not long after the Fund surpassed $2 billion in assets under management in 2011.
Two years later Heritage Plan surpassed $1 billion in pay-outs since its inception.
In 2018, Heritage was acquired by Knowledge First Financial Inc. The merger was done primarily to pursue a shared goal of helping more families maximise their education savings through RESPs.
In October 2021, Heritage Education Funds International Inc. was purchased by PROVEN Group Limited.
Heritage Education Funds International Inc. was renamed PROVEN Heritage Education Funds International Inc.
Contact us to learn more about the Heritage Fund and how it can help you to give your child the precious gift of a college education.Contact us