Thursday, 28 August 2014
Last updated 12 hours ago
Apr 22 2013 | 10:55am ET
Hedge fund Clinton Group formally launched its bid to remake Gleacher & Co., calling the brokerage "broken" but poised for a "rapid rebirth" as an asset manager and proprietary trader.
New York-based Clinton told Gleacher investors in its proxy today that its nominees to Gleacher's board, including current CEO Thomas Hughes, "can help the company execute a rapid rebirth that focuses on new areas of financial services."
"We firmly believe that Gleacher is a valuable brand and that there is a significant opportunity to use the brand and other corporate attributes to establish a differentiated and successful investment manager."
Clinton has an uphill battle ahead of it: It owns only 3.5% of Gleacher and has built a partnership that controls 7.7% of the firm. Private-equity firm MatlinPatterson, which plans to run its own slate of board candidates, owns 28% of Gleacher and is the firm's largest outside shareholder.
MatlinPatterson said it was to clear out Gleacher's existing board, which is not taking a position in the proxy. Gleacher earlier this month quit the fixed-income business and broke off merger talks.
Hughes, Gleacher's current CEO, is a former chief operating officer at Clinton Group.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...