Gleacher & Co., the brokerage that closed its fixed-income business, should fire Chief Executive Officer Thomas Hughes, according to private-equity firm MatlinPatterson Global Advisers LLC.

Hughes, 55, should be replaced along with Chief Operating Officer John Griff for the brokerage’s “disappointing results,” MatlinPatterson said today in a regulatory filing. The New York-based private-equity firm, which owns about 29 percent of Gleacher, said the company should wind down, pursue a merger or sale, or reinvest assets in a more promising venture. Hughes and Griff didn’t immediately respond to messages seeking comment.

Activist shareholder Clinton Group Inc., part of a coalition with a 7.7 percent stake in the brokerage, said in a regulatory filing last month that Gleacher should seek a “rapid rebirth” as an asset manager. The two investment firms nominated competing slates of directors ahead of Gleacher’s annual meeting, scheduled for May 23.

Gleacher said April 10 that it’s closing the fixed-income business, which generated most of the New York-based company’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. Gleacher’s stock, which has dropped 62 percent in the past two years, was little changed today at 71 cents a share.

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