New York Life axes CEO of private lending unit


clarkNew York Life Insurance has dismissed chief executive of its private equity lending arm Madison Capital Funding Trevor Clark for violating company policies related to personal investments and business activities.

Senior managing director at Madison Christopher Williams has also lost his job, while Madison co-founder Hugh Wade will replace Clark, the company said in a 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,” said New York Life Insurance.

Last week Bloomberg reported that Clark, pictured, and Williams were suspended amid a company probe.

In July this year Madison hired former managing director of private equity firm Cerberus Capital Jeffrey Scott as head of West Coast origination.

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