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Clinton Group Holds 3.5 Percent Stake in Gleacher

Clinton Group Inc., the activist investor that’s nominated a slate of directors at Gleacher & Co., holds a 3.5 percent stake in the faltering brokerage through its funds, a filing showed today.

Clinton Group plans to put forward a group of directors including Thomas Hughes, 55, Gleacher’s chief executive officer, and Lee Fensterstock, a former CEO, according to the filing with the U.S. Securities and Exchange Commission. It holds the shares in funds including the Clinton Spotlight Master Fund LP.

Gleacher said April 10 that it would close its fixed-income business, which generated most of the New York-based firm’s revenue, as salesmen defected and customers suspended trading. The brokerage was in talks to combine with Sterne Agee Group Inc., people familiar with the matter said at the time.

Clinton Group, based in New York, was buying stock in Gleacher in March, the filing shows.

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