Goldman Sachs ILS veteran Millette departs
Michael Millette, the global head of structured finance at Goldman Sachs, is leaving the investment bank after 21 years. It is not known where Millette will head to next but it is believed he is not retiring from the industry.
Millette has been one of the pioneers of the growth of the insurance-linked securities (ILS) markets. He was closely involved in its early development and worked on some of the most notable deals that put this form of risk-transfer on the radar of the re/insurance industry globally.
Millette also served as co-chair of structured finance capital committee and president of Goldman Sachs Real Estate Funding. Goldman Sachs has named co-heads of insurance structured finance: Aurora Swithenbank and Ali Al Ali.
An internal memo from Goldman Sachs said: “Over the course of his career, Michael has made a significant contribution in growing our global structured finance business. He played a key role in the development of our structured insurance, transport finance and structured corporate finance businesses, and in the repositioning of our mortgage finance business in recent years.
“Michael was involved in many innovative transactions that have shaped these sectors including nearly 150 insurance securitisations and structured financings, and some of our early structured funding facilities.”
Vivek Bantwal will become head of structured finance in the Americas, overseeing the non-real estate related businesses. Bantwal will continue to act as head of the natural resources financing group.
Bantwal joined Goldman Sachs in 1999 as an analyst and spent five years in structured finance prior to helping drive the development of its financing and risk management franchise for the natural resources business. Vivek was named managing director in 2007 and partner in 2012.