Bedell Trust has expanded its international presence through the acquisition of a majority stake in Singapore Trust Company Pte Ltd (STC), a well-established fiduciary and corporate services business in Singapore.
STC which was incorporated in 1996, was the first trust company in Singapore to be licensed under the Trust Companies Act in 2006. The company has grown significantly under the guidance of its Chairman, Robert Meggy and Managing Director, Rudy Tan. Following the acquisition, Rudy Tan will remain as Managing Director and be supported by the existing team of highly experienced professionals. Robert Meggy will retire after a long and accomplished career in the international trust industry.
Enhancing the management of the company, Michael Richardson, Executive Chairman of Bedell Trust, will (subject to Monetary Authority of Singapore consent) be appointed as the new Chairman of STC and Nick Cawley, CEO of Bedell Trust, will also join the board.
Michael Richardson has led Bedell Trust's expansion in Asia over the past five years and expects to devote a significant amount of his time to the development of the business of STC. Bedell Trust is fully committed to supporting the growth of STC (and Bedell Trust's wider international businesses) throughout the Asia region. The law firm, Bedell Cristin opened an office in Singapore in 2012 and already provides an extensive range of BVI and Jersey legal services.
Michael Richardson, Executive Chairman of Bedell Trust, commented:
"Our investment in STC is a natural development of Bedell Trust's international strategy, which is to align the firm with likeminded business partners in key markets worldwide which should enable us to build on existing client and intermediary relationships in Asia and to meet the demands of our international clients who increasingly require services within the Asian time zone. We feel confident that STC and its management and staff share our own core values and commitment to deliver the premium client service which is a hallmark of Bedell Trust."
Rudy Tan, Managing Director of STC commented:
“Joining Bedell Trust is an exciting move for us. It immediately broadens the range of our fiduciary services across key international locations. Having worked with Bedell Trust for a number of years, I have every confidence the expertise which they will bring to our business will be in the interest of our clients.”
Bedell Trust, which is headquartered in Jersey, has offices in London, Guernsey, Dublin and Mauritius and is one of Jersey's longest established, fully independent fiduciary and corporate services businesses. The award winning firm has an acknowledged reputation in private wealth management, family office, international corporate and finance, fund administration and employee benefits structures and will be in a position to offer all such services to more clients through its ownership of STC.