Former banking star Cruz signs for Old Mutual

Michael Bow
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ONE OF Wall Street’s most powerful businesswomen Zoe Cruz was yesterday appointed to a £77,000 a year boardroom role at FTSE 100 fund manager Old Mutual.

Cruz, who was co-president of Morgan Stanley until 2007 and was once tipped as the future boss of the bank, will join as non-executive director and sit on its risk and remunerations committees.

During her 25-year stint at Morgan Stanley she earned the nickname Cruz Missile on Wall Street for overseeing some of the bank’s biggest revenue generating units during her tenure at the company.

After leaving the bank she set up a hedge fund, Voras Capital Management, but this closed in 2012.

The Anglo-African fund manager, home to fund management star Richard Buxton, also announced yesterday that former Actis executive Adiba Ighodaro will join the board alongside Cruz.

The shake-up takes the percentage of women on the board above 30 per cent, putting Old Mutual alongside 13 other FTSE 100 companies, including Diageo, Unilever, and BT, who have female representation exceeding that level.