According to the financial press, New York Life suspended Madison Capital’s chief executive, Trevor J. Clark, and another one of its senior executives, Christopher G. Williams, over violations in company policies, citing information obtained from two people with direct knowledge of the matter.

The two have been suspended with pay, these people said, for failing to disclose to New York Life certain personal investments and business interests that they were doing outside the company.

Madison Capital, which is based in Chicago, is a leader in the lucrative but little known business called middle-market lending, providing financing to medium-size companies that are, in many cases, owned by private equity firms. The company has about $6 billion in assets under management, the majority of which is from New York Life.