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) -- Former

Morgan Stanley

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Co-President Zoe Cruz is planning to launch a hedge fund firm, a report says.

The 54-year-old Cruz has begun recruiting employees to join a firm she plans to call Voras Capital Management, the

Wall Street Journal

reports, citing people familiar with the situation. The fund is likely to invest in distressed assets and make macroeconomic bets on currencies and securities.

Voras expects to launch with at least $200 million, although the exact size hasn't been determined yet, people familiar with the matter said. The hedge fund might not open for at least several months, the



Cruz has been talking to some ex-colleagues at Morgan Stanley about joining her firm. She plans to add staff in London and Asia, the



Cruz was ousted from Morgan Stanley in 2007, one of the first high-profile victims of the financial crisis. She was once thought to be in the running to take over the firm from CEO John Mack.

-- Reported by Joseph Woelfel in New York


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