An alternative path: Former Morgan Stanley exec returns to Wall Street

Nearly two years after her ouster from Morgan Stanley, Zoe Cruz, the firm's former co-president, is now plotting to launch her own alternative investment shop. According to a report today in the Wall Street Journal, Ms. Cruz — once one of the most powerful women on Wall Street — will soon open the doors for Voras Capital Management, a hedge fund manager that will launch with some $200 million in assets. The report, citing unnamed sources close to Ms. Cruz, said that the fund's strategy will likely be to invest in distressed securities. The report also stated that Ms. Cruz has been aggressively recruiting employees for the firm, and has recently reached out to some of her former colleagues at Morgan Stanley — where Ms. Cruz spent 25 years — about joining Voras.