Zoe Cruz Is Happy Investors Didn't Throw Money At Her Hedge Fund

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Sometimes name recognition alone isn't enough to attract lots of money. Zoe Cruz's start-up hedge fund, Voras Capital Management, which bets on broad economic trends, began trading in mid-2010 but has struggled to get much past the $220 million mark, say people familiar with the firm. Another challenge for Ms. Cruz, these people say, is that in the wake the financial crisis investors have been favoring funds run by traders with recent track records over those run by executives. Still, Ms. Cruz, who is actively trading in her hedge fund, is being closely followed by investors and could raise more money, these people say. Ms. Cruz says she sees a big opportunity. "People aren't going to give me $3 billion just because I'm Zoe Cruz," she says. "That's a positive thing." [WSJ via Heidi Moore, earlier]

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Don't cry for the Cruz-Missile, though. Apparently she's already strategizing her next move. Cruz is said to have been struggling to raise anything beyond the initial $200 million she obtained from Voras Capital investors, the source said. The source said the decision to return investor money was made recently and all clients would get their money "promptly." Cruz's hedge fund, which began raising money and recruiting employees in 2009 formally opened in 2010, was down 8 percent last year, the sources added...The source said Cruz is fielding job inquiries in the finance industry, but has not made any decisions. Zoe Cruz's Voras Capital To Close [Reuters/Katya Wachtel]