Bedell Trust, a Jersey-based independent trust company, has acquired a majority stake in Singapore Trust Company (STC), a fiduciary and corporate services business in Singapore, in a move to strengthen its global presence.
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Upon completion of the deal, STC managing director Rudy Tan will continue to remain in his role and will be supported by the existing team of highly experienced staff, while STC chairman Robert Meggy will step down from the firm.
Additionally, Michael Richardson, executive chairman of Bedell Trust, will be named as the new chairman of STC, subject to approval from Monetary Authority of Singapore, while Nick Cawley CEO of Bedell Trust will sit on the board.
In his new role, Richardson will be responsible for developing the business of STC. He has been leading Bedell’s expansion in Asia since five years.
Through this acquisition, Bedell Trust will be fully committed to assist the growth of STC across the Asia region.
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By GlobalDataRichardson said: "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."
Tan said: "Joining Bedell Trust is an exciting move for us. It immediately broadens the range of our fiduciary services across key international locations."
Bedell Trust also has offices in London, Guernsey, Dublin and Mauritius and offers services in private wealth management, family office, international corporate and finance, fund administration and employee benefits structures.
