Two senior executives were terminated from Madison Capital Funding, a unit of New York Life Insurance Co., according to an e-mailed statement from New York Life spokesman William Werfelman.
Mr. Werfelman declined to name the executives. However, someone with knowledge of the matter confirmed that the executives are CEO Trevor Clark and Christopher Williams, senior managing director. Mr. Williams was responsible for managing the firm's operational activities as well as the origination, structuring and closing of transactions.
The individuals were terminated for violating company policies pertaining to personal investments and personal business activities, Mr. Werfelman said.
“Our company's rules are strict with regard to these disclosures and activities so we can continue to maintain the highest integrity and performance for our clients,” Mr. Werfelman said in the statement.
New York Life appointed Hugh Wade, senior managing director, as acting CEO of Madison Capital Funding. Mr. Wade is one of the co-founders of Madison Capital Funding and a member of the Executive Committee.
Messrs. Clark and Williams were both co-founders of Madison Capital, according to the company's website. Neither could not be reached for comment by press time.
Bloomberg contributed to this story.