Broadpoint Securities, a US investment bank, on Tuesday said it would acquire merger advisory firm Gleacher Partners, which was founded by Eric Gleacher, a former head of mergers and acquisitions for Morgan Stanley.

Broadpoint will pay $20m and issue 23m shares of common stock to Gleacher’s selling shareholders, who include Mr Gleacher, its chairman. MatlinPatterson, a private equity firm that is Broadpoint’s controlling shareholder, has agreed to the structure of the deal.