Thursday, 24 July 2014
Last updated 13 hours ago
May 10 2012 | 12:37pm ET
Former Morgan Stanley co-president Zoe Cruz has pulled the plug on her two-year-old hedge fund venture.
Cruz is closing Voras Capital Management, which struggled both to raise and make money during its short life. New York-based Voras never garnered anything above the $200 million it initially raised, and last year shuttered one of the two hedge funds it launched in 2010. The firm also parted company with three of its top employees a year ago, including CFO Richard Bani and Ellen Brunsberg, who managed its shuttered credit fund.
The firm's macro fund, run by Cruz, lost 8% last year.
Cruz decided to shutter Voras recently and expects to return client capital over the coming months. Some money has already been returned.
A return to Wall Street could be in the cards for Cruz. Reuters reports that she has fielded job offers in the finance industry but has yet to make a decision. According to The Wall Street Journal, she may also be looking at some of the private-equity jobs she considered prior to launching Voras. At Morgan Stanley, she was widely seen as a future CEO candidate, but left the firm five years ago after a trading desk she oversaw lost $4 billion in the subprime mortgage crisis.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…