(Updates with company comment in the third paragraph, lending totals in the sixth.)
Sept. 23 (Bloomberg) -- New York Life Insurance Co., the largest U.S. life insurer owned by policyholders, fired Trevor Clark, the chief executive officer of the Madison Capital Funding LLC unit, for violating policies tied to personal investments.
Hugh Wade, a co-founder of Madison Capital, was named acting CEO, the New York-based insurer said today in an e-mailed statement. New York Life also fired Christopher Williams, a senior managing director at the unit, the insurer said.
The dismissals, effective today, were for “violating company policies pertaining to personal investments and personal business activities,” William Werfelman, a New York Life spokesman, said in the statement. “Our company’s rules are strict with regard to these disclosures and activities so we can continue to maintain the highest integrity and performance.”
Clark and Williams had been suspended amid a company probe, a person familiar with the matter said last week. Attempts to reach the men weren’t immediately successful through phone numbers and e-mails obtained in a public-records search.
The men in 2001 helped found Chicago-based Madison Capital, which provides financing to private-equity firms, according to New York Life’s website. The business has completed more than 1,100 transactions totaling more than $15.5 billion in net funded commitments.
The unit offers senior loans and equity co-investments, in industries including manufacturing and distribution. Madison Capital targets companies with stable profits and at least $3.5 million of earnings before interest, taxes depreciation and amortization.
Wade, 52, is a senior managing director at Madison Capital and previously worked at Bank of America Corp. He graduated from Marquette University and has an MBA from the University of Notre Dame.
--Editors: Dan Kraut, Steven Crabill