STC, a fidicuary and corporate services business in Singapore, was incorporated in 1996 and in 2006 was the first trust company in Singapore to be licensed under the Trust Companies Act.
Its long-standing chairman, Robert Meggy, will retire and, subject to Monetary Authority of Singapore approval, his replacement will be Michael Richardson, executive chairman of Bedell Trust.
Managing director Rudy Tan will remain in his role, supported by the existing team, while Nick Cawley, CEO of Bedell Trust, will also join the STC board.
Richardson has led Bedell Trust’s expansion in Asia over the past five years and is expected to spend significant time on STC’s business development.
Law firm Bedell Cristin, which is part of the group, opened an office in Singapore in 2012 and already provides an extensive range of British Virgin Islands and Jersey legal services.
Richardson said its international strategy is to align the firm with likeminded business partners in key markets worldwide and that its international clients increasingly require services within the Asian time zone.
“We feel confident that STC and its management and staff share our own core values”, he said.
Tan said the deal “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”.
Law firm Bedell Cristin, which is part of the group, opened an office in Singapore in 2012 and already provides legal services in the British Virgin Islands and Jersey.
Bedell Trust also has offices in London, Guernsey, Dublin and Mauritius with services covering private wealth management, family office, international corporate and finance, fund administration and employee benefits structures.
