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PROVEN COMPLETES HERITAGE ACQUISITION

PROVEN Investments has successfully completed its acquisition of Heritage Education Funds International.

The company first announced the acquisition plans five months ago after reaching an agreement with Knowledge First Foundation to purchase its 100 per cent interest in Heritage.

Heritage specialises in administering and managing education savings plans (ESPS) for clients in The Bahamas, Bermuda, Jamaica, and the British Virgin Islands.

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

PROVEN says the acquisition is a deliberate strategic priority for the company and they will be working with Knowledge First over the next year to ensure a smooth and seamless transition.

LINVAL FREEMAN APPOINTED CHAIRMAN OF SCI

Chartered account Linval Freeman will take over as chairman of the board of Sygnus Credit Investments come November 1.

Freeman is the current chair of the Audit and Governance Committee. He will replace Clement Wain Iton, who is resigning from SCI’S board of directors after four years, effective October 31.

Under Wain’s stewardship, SCI grew its private credit portfolio from US$16 million to US$85 million, declared over US$6.5 million in dividends to shareholders and grew net profits to a record US$5 million.

Chief executive officer of Sygnus Capital Berisford Grey says the incoming chair has a wealth of experience in accounting and finance and possesses the strong regulatory and governance skills required for managing SCI and its affiliated businesses.