Ex-Morgan Stanley Exec. Cruz Launches Two Hedge Funds

Aug 16 2010 | 7:31am ET

Former Morgan Stanley acting president Zoe Cruz has launched her hedge fund firm with $200 million in initial capital.

Cruz, who served as co-president of the investment bank before her ouster nearly three years ago, founded Voras Capital Management last year. The New York-based firm has been fundraising for nine months, and has launched a pair of hedge funds, including one managed by Cruz herself.

The former Morgan Stanley fixed-income banker, who left the firm after a trading desk she oversaw lost $4 billion as the subprime mortgage market collapsed, will run a global macro strategy at Voras. Ellen Brunsberg, another Morgan Stanley alum and the head of Voras’ planned London office, manages its credit opportunities fund, Financial News reports.

In addition to Brunsberg—who headed Morgan Stanley’s European securitized products group—Voras boasts other Morgan Stanley veterans, including Philip Newcomb, the hedge fund’s chief operating officer, and Jialin Liu, the firm’s Hong Kong chief. Newcomb was co-head of interest rates and currencies at Morgan Stanley, and Liu was head of Asian sales and trading.

Voras also employs David Irving, formerly co-head of European mortgage trading at Morgan Stanley, and Justin Worrall, former head of European residential mortgage-backed securities structuring and analytics.


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