New York Life Insurance Co. announced Hugh Wade, a co-founder of Madison Capital, was named acting CEO. The announcement came after the company terminated Trevor Clark and Christopher Williams, a senior managing director at the unit 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. The two executives 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.

Wade 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.