Investment Firm Novo Names Moelis’s Kutay as New Chief Executiveby
Kutay starts in his new role in September based in Copenhagen
Novo manages more than 350 billion kroner in foundation assets
Novo A/S, the investment fund that holds stakes in health-care companies including Novo Nordisk A/S and Novozymes A/S, has hired Kasim Kutay from financial adviser Moelis & Co. to be its new chief executive officer.
Kutay, 51, will start in the role on Sept. 1 and will move to Copenhagen, Novo said in a statement Tuesday. He’s departing from Moelis, where he’s co-head of Europe and a member of the investment bank’s management committee.
Closely held Novo is owned by the Novo Nordisk Foundation, and is responsible for managing the foundation’s assets, currently valued at more than 350 billion kroner ($53.4 billion), according to its website.
“Novo A/S is an outstanding life sciences shareholder and investor, operating with a commitment to generate attractive returns for the Novo Nordisk Foundation and all the great work it does for health care and society,” Kutay said.
Kutay was one of Moelis’s earliest appointments in Europe, joining in 2009, and has spent more than two decades focused on banking for the health-care industry. He helped the financial advisory firm build its European business and global health-care franchise, and worked on transactions for Novo as well as Amgen Inc., General Electric Co.’s health-care division and pharmaceutical company H. Lundbeck A/S.