Ex-Morgan Stanley Exec. Cruz To Close Hedge Fund

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.


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