A global trust company has bought a majority stake in a Singapore-based business, expanding its operations in Asia.

Bedell Trust, the Jersey-headquartered company that is part of Bedell Group, has bought a majority stake in Singapore Trust Company, as part of a move to deepen its presence in the Asia jurisdiction’s marketplace.

STC, which was incorporated in 1996, was the first trust company in Singapore to be licensed under the Trust Companies Act in 2006, according to a statement from Bedell Trust yesterday.

After the acquisition, financial terms of which were not disclosed, STC’s managing director, Ruby Tan, will remain in the role. Robert Meggy, chariman of STC, is to retire.

Michael Richardson, executive chairman of Bedell Trust, will be appointed as the new chairman of STC and Nick Cawley, chief executive of Bedell Trust, will also join the board. These appointments are subject to the Monetary Authority of Singapore's consent.  

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, the statement said.

Bedell Group already had a presence in Asia prior to the acquisition, such as through its Bedell Cristin law firm, which opened an office in Singapore in 2012. The office provides British Virgin Islands and Jersey legal services.

"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,” Richardson said.

Bedell Trust, in addition to its Jersey HQ, has offices in London, Guernsey, Dublin and Mauritius.