Michael Millette, a key figure in the development of the catastrophe bond market since the mid-1990’s, is set to retire from his position as a partner at investment bank Goldman Sachs after 21 years at the firm, according to reports.
Bloomberg discusses a memo sent round to Goldman Sachs employees yesterday, announcing that Millette, who headed up global structured finance underwriting for the firm, will retire at the end of this month.
Vivek Bantwal, head of natural resources financing at Goldman Sachs, will take over leadership of structured finance for the Americas, according to a separate memo Bloomberg said.
The memo regarding Millette’s departure said that he “played a key role in the development of our structured insurance, transport finance and structured corporate-finance businesses. Michael was involved in many innovative transactions that have shaped these sectors, including nearly 150 insurance securitizations and structured financings.”
Michael Millette has been an instrumental figure in the development of catastrophe bonds and the insurance-linked securities (ILS) market. He’s always been a recognisable figure at industry events, a really insightful person to discuss the market with, has helped this market grow into what it is today and a personality and example of professionalism in the cat bond and ILS sector.
He’ll be missed and we wish Mike the best of luck for his retirement from Goldman and for any future endeavors.
Update: Millette is likely to be on gardening leave for a few months following his departure from Goldman Sachs, but is then expected to re-enter the sector in a new role later this year.