Madison Capital loses senior MD Russell

Devon Russell, a senior MD at Madison Capital Funding, and one of the three members of the firm’s executive committee, has left after a dozen years.

“Effective July 20, 2015 Devon Russell is no longer with Madison Capital Funding,” an automatic e-mail response to Russell’s Madison account said. Messages were referred to Hugh Wade, Madison Capital’s CEO, co-founder and member of the firm’s executive committee.

When asked about Russell’s departure, Wade said: “We had a management realignment and promoted some people in certain positions.”

He refused to disclose who had been promoted. “We don’t comment on individuals,” said Wade, declining further comment.

It’s unclear why Russell is no longer with Madison Capital. One source said Russell departed after a disagreement with management, but that couldn’t be officially confirmed.

Russell joined Madison Capital in 2003. He was responsible for capital markets activities at Madison Capital, including loan syndications and third party asset management, a 2013 biography said. He was previously with Banc of America Securities LLC.

Chicago-based Madison Capital, a middle market lender, provides financing for PE sponsors. Industries include healthcare, insurance and consumer products. The lender has $7.5 billion in assets under management as of March, the firm’s website said. Madison Capital is a unit of New York Life.

Madison Capital has experienced personnel changes of late. In June, Joshua Niedner joined Vista Equity Partners. Niedner was head of Madison Capital’s investment management group. He is co-head of Vista Credit Opportunities, which closed its first fund earlier this year, according to the Wall Street Journal.

Two of Niedner’s top executives at Madison Capital, Joe Tinaglia and Justin Bentley, also have joined Vista Credit, officials said. Tinaglia was a VP at Madison Capital and is a VP at Vista Credit, the firm’s website said. Bentley’s title is not clear.

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