Gleacher & Co. said its board approved a proposal to dissolve, liquidate and distribute all its assets to shareholders, after it reported its fourth-quarter loss narrowed on higher revenue.

Gleacher, an independent investment bank that provides financial advisory services, has been slammed with losses and staff defections over the past few quarters, and now has no meaningful revenue-producing operations. The higher fourth-quarter revenue was from investment gains.

In June, the boutique firm exited its investment-banking division after shedding its biggest business, fixed-income trading. Two years ago, it exited equities trading.

The company hired Blackstone Group L.P. and Capstone Advisory Group LLC last year to help it evaluate potential mergers, acquisition or other business combinations.

"After evaluating the company's strategic options, the board of directors has reached the conclusion that it is in the best interests of the stockholders to dissolve and liquidate the Company," said board chairman Mark Patterson.

The company said it would make an initial liquidating distribution to stockholders of about $20 million, or $3.23 a share, if and after shareholders approve its proposal.

Meanwhile, the company reported its fourth-quarter results Thursday. For the quarter, the company reported a loss of $2.9 million, or 47 cents a share, compared with a year-earlier loss of $11.3 million, or $1.89 a share.

Its revenue rose 46% to $1.8 million.

Write to Everdeen Mason at everdeen.mason@wsj.com

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