Ex-Morgan Stanley Bigwig Mulls Hedge Fund

Oct 22 2008 | 11:31am ET

Former Morgan Stanley co-president Zoe Cruz may start a hedge fund.

TheStreet.com reports that Cruz, who was forced out of the firm last year after big losses in its fixed-income group, is looking to make a comeback, and is considering raising money for a new hedge fund, among other options.

Cruz is said to prefer joining an existing business, and joining an asset management firm could also be on her agenda. She reportedly rebuffed the advances of UBS, which had considered offering her a position.

Cruz spent 25 years at Morgan Stanley, the last six months as acting co-president of the firm. She was controversially named co-president of Morgan Stanley alongside Stephen Crawford, leading to an exodus of top executives, just months before then-CEO Phillip Purcell was forced out. She was named acting president by Morgan Stanley CEO John Mack after Crawford resigned the month after Purcell’s departure.

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