Investment bank Gleacher & Co Inc said it agreed to sell its mortgage lending unit ClearPoint to Ocwen Financial Corp and ended its search for a potential capital infusion or a buyer. Gleacher, which did not disclose ClearPoint's sale price, said it expects the deal to close in the first quarter.The company, founded by merger and acquisition veteran Eric Gleacher, said last year it was exploring strategic alternatives, including raising more capital or a sale."Although we did not believe any proposal we received during the process adequately reflected Gleacher's value, we will, as before, be opportunistic in considering value-building strategic initiatives," Chief Executive Thomas Hughes said in a statement.Eric Gleacher, who founded the company in 1990, stepped down as its chairman last month. He created the mergers and acquisitions department at Lehman Brothers in 1978 and ran global M&A at Morgan Stanley from 1985 to 1990.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS remained unchanged at $23.83. In the past year, the shares have traded as low as $12.26 and as high as $23.88. On average, 20442100 shares of MS exchange hands on a given day and today's volume is recorded at 0.
Ocwen Financial Corporation (Ocwen), through its subsidiaries, is a provider of residential and commercial mortgage loan servicing, special servicing and asset management services. Shares of OCN remained unchanged at $41.03. In the past year, the shares have traded as low as $14.40 and as high as $41.87. On average, 1797040 shares of OCN exchange hands on a given day and today's volume is recorded at 0.
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