Zoe Cruz’s troubled hedge fund keeps taking hits from the finance world.
This morning, Cruz made the NYPost because she’s struggling to raise money and retain employees.
Voras Asset Management has lost three top employees and “CFO Richard Bani is on his way out the door, according to one source,” says the Post.
Voras may have even lost some AUM, because Cruz shut one of its two funds, the credit fund, and while the Post says most investors moved to the Voras Macro fund, its also says it doesn’t have the “critical mass” necessary to “get it off the ground” — a phrase the Post (or the source) obviously used to mock her old nickname, “Cruz Missile.”
The headline Cruz’s fund got last year when news hit that she’d raised $200 million read, “Cruz Missile Lifts Off With New Hedge Fund.”
Before that, she’d been called “Wall Street’s most powerful woman” by NYMag after she earned the nickname at Morgan Stanley under John Mack.
Today, the NYPost’s headline reads, “Cruz Missile A Dud.”
The damages are as follows:
- Credit fund closed
- Cruz raised $200 million last year, but “she’s struggled to raise additional money — in either fund — since then.”
- Ellen Brunsberg, head of Voras’ credit fund in LondonPersonnel losses:
- David Markus, a corporate bond expert
- The head of marketing and investor relations
So who’s still employed? The PR guy, who told the Post:
“As credit has rallied over the last several years there was little appetite for long-term lockups in a credit fund, so Voras is closing its credit fund with a vast majority of the credit investors moving to the Voras Macro fund, which continues to grow and is performing with its peers.”
The personnel changes “are associated with the closing of the credit fund.”
A hedge fund manager may have said it best last year when he told Dealbreaker that “he has approached Morgan Stanley about purchasing a derivative security to synthetically short the performance of Cruz’s fund.”