Starting next winter, McGill Desautels will offer its Master of Management in Finance program in Luxembourg, part of the University’s efforts to not only bring the world to McGill but McGill to the world.
It’s the same program already offered full-time in Montreal. In Luxembourg, it will be delivered part-time over 20 or 24 months, in a blended format tailored to the needs of working professionals that will include both online and in-person sessions. The students are expected to come from Luxembourg and neighbouring countries.
The initiative is the fruit of a strategic partnership involving McGill, Luxembourg’s Ministry of Finance, the Luxembourg Bankers’ Association (ABBL) and the Association of the Luxembourg Fund Industry (ALFI). A formal endowment agreement was signed June 18 in Luxembourg. Support is also being provided by the Chamber of Commerce, which is making available the facilities of its training centre as well as an office. The program will help support McGill’s research and educational mission.
“With the support of our valued partners, we are bringing our top-ranked Master of Management in Finance to a global financial centre known for its innovation and influence. This marks a new chapter in our mission to develop impactful leaders in finance,” said Yolande Chan, Dean of the McGill Desautels Faculty of Management.
Investment funds hub
For Luxembourg, the partnership will offer world-class training to a new generation of qualified professionals who can meet the needs of its important financial sector. The small western European country is the largest centre for investment funds in Europe and second only to the United States globally, in terms of assets under management. It also serves as Europe’s gateway for foreign direct investment in Asia.
“The establishment of McGill University in Luxembourg is a signal that we are investing in the future of our financial centre by investing in people. This initiative is fully aligned with our ambition to attract international talent and to enhance the country’s visibility and promotion on the global stage,” Luxembourg Finance Minister Gilles Roth said.
For McGill Desautels, which already has partnerships in Asia and the United Arab Emirates and is involved in an initiative with nations in Africa, the Luxembourg program presents an opportunity to make an impact in Europe.
McGill Desautels Professor Patrick Augustin, a Luxembourger who has taught at McGill since 2013, will serve as Director of the McGill Luxembourg Centre for Finance, as well as MMF Luxembourg’s Academic Director. He will be among the Desautels faculty members teaching at the centre part-time.
Strengthening European ties
In an interview, Augustin pointed out that there would be less room for such an initiative in other big European financial centres, like Paris, London, Milan and Frankfurt, where North American universities are already established.
“Luxembourg, on the other hand, is a little bit under the radar. It’s still a huge financial centre in Europe, and it’s really, really punching above its weight,” he said.
Augustin noted that the initiative will serve to boost McGill’s brand and deepen connections with stakeholders in Europe, including alumni, as well as create a broader network for the students who take the program in Montreal.
In McGill’s MMF program, students are taught not only academic theory but get hands-on experience managing Desautels Capital Management (DCM) funds. This experience will be particularly pertinent in Luxembourg, where, to start, the students will manage DCM’s socially responsible investment fund. Augustin said he hopes that in a few years, if more funding is obtained, a broader structure, paralleling DCM, could be established in Luxembourg.
Applications are now open for the initial cohort, which Augustin said he expects to number about 15 to 20 students. Future classes could be somewhat larger, he said. In 2024-25, the incoming class for the Montreal program numbered 46 students, who came from a total of 10 countries.