Saturday, 27 December 2014
Last updated 2 days 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.