VTB Capital, the investment arm of VTB Group, has chosen Nick Hutt as its new chief executive officer, according to a statement from the firm.
Hutt, who is based in London, has been interim CEO of VTB Capital since July, when Atanas Bostandjiev left the role.
In September Bostandjiev launched GEMCORP, a financial firm focused on investments in emerging markets. The firm said at the time that it had already raised $500 million from European institutional investors with a five-year lock-up period.
Bostandjiev said in a statement announcing the launch that the firm wanted to position itself as the “access point” for institutional investors looking to invest in emerging market sovereign and private sectors, responding to a “significant gap where traditional financial institutions are unable to meet the growing demand from emerging markets clients for flexible and reliable debt or equity financing solutions.”
Hutt has been with VTB Capital since September 2008, when he joined the firm as chief financial officer of the international finance team. Prior to this he was global head of emerging markets product control at Deutsche Bank.
Hutt will continue to be based in London, and will report directly to Moscow-based global CEO, Alexei Yakovitsky.
In a statement, Yakovitsky said that “despite the challenging market conditions, we remain strongly committed to our international business and client franchise”, adding his conviction that under Hutt’s leadership the firm will continue to strengthen its market position.
Since inception in 2008, VTB Capital has made 12 investments with more than $2 billion of capital, more than any other private equity firm in Russia during this time period. It has also completed more exits than any other firm in Russian since 2008, successfully exiting seven portfolio companies.
In February VTB, along with TPG, successfully listed Russian hypermarket chain Lenta on the London Stock Exchange. The listing gave the company a market capitalisation of $4.3 billion, generating a return of 5x and an internal rate of return of 72 percent for VTB.