Knowledge First Financial announced Jan. 3 that it will acquire Heritage Education Funds. The deal will create the largest RESP provider in Canada with approximately $6.2 billion in assets under management.
"We are very pleased to bring together these two strong, long-standing RESP financial institutions," says George Hopkinson, President and CEO, Knowledge First Financial. "We believe the combined size and scale of these two organizations will enable us to meet a growing need for RESP specialists who are dedicated to helping families maximize their education savings. RESPs make a huge difference to Canadian students and this is our single focus."
The Heritage Plans will continue to be distributed and managed as they are today. The combined business will operate under the name Knowledge First Financial Inc., which will continue to operate as a wholly-owned subsidiary of the Knowledge First Foundation.
Jason Maguire will join Knowledge First
George Hopkinson will continue as President and CEO and will lead the integration of the two businesses. Jason Maguire, the current President and CEO of Heritage, will join Knowledge First as Managing Director and assist in the integration.
The acquisition, which closed Jan. 2, is not expected to have any impact on subscribers or beneficiaries to either the Heritage Plans or Knowledge First Plans.