Emii.com – Former Morgan Stanley co-president, Zoe Cruz, is planning to launch her own hedge fund, The Wall Street Journal reports. Cruz expects to launch Voras Capital Management with at least $200 million, and is likely to invest in a variety of distressed assets and make bets on currencies and securities.

Cruz has started recruiting employees for her new firm. She had a 25-year career at Morgan Stanley, running some of the firm’s most profitable trading desks. She was removed from the position in November 2007, when a unit under her suffered a loss of $4 billion because of a wrong way bet on the mortgage market.

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Tags: distressed assets, hedge fund, morgan stanley co, mortgage-market