FORTUNE -- New York Life Investment Management has ousted the CEO of its mid-market lending subsidiary, Madison Capital Funding.
Fortune has learned that CEO Trevor Clark and fellow senior managing director Chris Williams were both terminated after allegedly violating NYLIM policies related to personal investments. Clark and Williams are two of the 12 year-old group's four co-founders.
Both men remain on the firm's website, although a receptionist was directing calls to a different firm executive. It is unclear if Clark's successor has been selected.
A NYLIM spokesman said that "the company is not in a position to comment at this time."
Madison Capital Funding provides leveraged capital solutions and products to private equity sponsors, including one-stop senior credit, term loans and equity co-investments. To date, it has closed more than 1,100 transactions for over 200 sponsors, totaling more than $15.5 billion in net funded commitments.
Attempts so far to reach Clark and Williams have been unsuccessful.
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New York Life Insurance Co. has acquired a majority stake in Private Advisors, a Richmond, Va.-based firm with more than $3.5 billion in assets under management.
The deal does not yet seem to have been publicly announced, but Fortune has obtained a letter sent earlier by Private Advisors to its clients. It reads, in part:
We believe that our platform, including our range of investment capabilities, our well-resourced and experienced investment teams, MOREDan Primack - Dec 2, 2010 1:28 PM ET
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