Street.Com – Zoe Cruz, the Morgan Stanley co-president pushed out by the firm late last year, is eyeing a role at an asset management firm, or possibly raising money to start a hedge fund, according to a person familiar with her thinking.

Cruz would prefer to join an existing business, as she enjoyed being a high-level manager at a large prestigious firm, the person says.

The Greek native was seen as a possible successor to CEO John Mack after spending her entire 25-year career at Morgan Stanley, starting as a foreign exchange trader, until her exile last year. She was shown the door following heavy losses in Morgan Stanley’s fixed income division, which she oversaw.

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Black Enterprise- Naeem Holding, Egypt’s second-largest investment bank by market value, will start a 100 million Egyptian pound ($19 million) fund to buy stakes in firms planning public listings, its chief executive said on Wednesday [June 18].

The fund would buy stakes in up to eight companies in its first year ahead of their listing on Nilex, Egypt’s stock exchange for small and medium sized companies, Hany Tawfik told reporters. Naeem would finish raising money for the fund by mid-July, he said.

"The growth for small-cap funds generally outperforms other funds," Mr. Tawfik said.

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Bloomberg- Hunter Shively, global co-head of UBS AG’s commodities business for the past seven months, is resigning to join a start-up hedge fund that is raising money to trade energy futures.

Shively, 38, will stay on for two months to oversee the handover of the commodities unit’s North American energy operations, Jerker Johansson, head of UBS’s investment bank, said today in a memo to employees. Todd Morakis, who was named commodities co-head with Shively in November, will run the Stamford, Connecticut-based unit, according to the memo, which was confirmed by Sarah Small, a spokeswoman for UBS in London.

UBS, which has had the biggest net losses of any bank from the U.S. subprime-mortgage crisis, said in January it will reduce trading in power and natural gas in Canada, and pull out of some European energy markets. Shively plans to join Sasco Energy Partners LLC, a Westport, Connecticut-based firm that is looking to raise $750 million, according to a person familiar with the matter who declined to be identified.

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