Prime US Reit manager appoints Harmeet Singh Bedi as deputy CEO, CFO

THE manager of Prime US Reit has appointed Harmeet Singh Bedi as its new deputy chief executive officer (CEO) and chief financial officer (CFO), it said in a bourse filing on Tuesday.

He will report directly to Barbara Cambon, who is CEO of the real estate investment trust's manager, KBS US Prime Property Management.

The appointment will take effect within the next few weeks upon completion of his exit from his current role as CEO of Maybank Kim Eng Singapore.

Mr Bedi has 29 years of investment and commercial banking experience in Singapore, Hong Kong and India. Before his current position at Maybank Kim Eng, he spent over 20 years at UBS, Merrill Lynch, Deutsche Bank and JPMorgan across a variety of senior investment banking roles involving capital raising and advisory work for corporates across the region.

In his new role, he will be supporting the execution of the Reit's overall growth strategies while helming the finance and investor relations functions, its manager said.

Mr Bedi's finance responsibilities will cover the formulation and execution of the Reit's financial strategies, capital raising and capital management, financial risk management, treasury, tax and financial reporting. He will also help to enhance the Reit's investor engagement across institutional, high net worth and retail investors in the region.

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The Reit's manager said its board and nominating and remuneration committee will monitor Mr Bedi's double-hatting arrangement annually.

The committee "views that (Mr Bedi's) appointment is in the interest of Prime and the manager having regard to his scope of responsibilities, and that there are proper and effective checks and balances in the manager's internal controls", it added.

Ms Cambon said Mr Bedi would be a valuable addition to the team, given his extensive experience in overseeing capital market and investment strategies.

Units of Prime US Reit were trading at 71 US cents, up 1.5 cent or 2.2 per cent, as at 2.20pm on Tuesday after the announcement.