Montréal, a rising star in global finance

Posted on October 15, 2013 | → Leave a Comment

Caisse de dépôt et placement du Québec
Montréal is known for its creativity, its famous gastronomy and its fabulous festivals. And it’s true; these are all qualities that make the city shine. But many people don’t know that Montréal also boasts a thriving financial sector that employs almost 100,000 people in more than 3,000 companies. Montréal stands out on the financial scene for its expertise in funds management, the presence of well-established financial institutions, diversified risk capital options and internationally-recognized banking stability.

A thriving financial sector

Montréal is the financial epicenter of the province of Québec. All sectors of finance are well-represented in the city, from banks and other financial intermediaries, to insurance and securities, to pension funds and asset management consulting. Several influential financial institutions are active in Montréal, including the Desjardins Group, the National Bank of Canada, the RBC Financial Group, the BMO Financial Group and Power Corporation of Canada.

The Montréal Exchange (MX) is Canada’s oldest stock exchange and is the only financial derivatives exchange in Canada and also specializes in information technology solutions and compensation services.

According to the Global Financial Centers Index (GFCI) published in September 2012, Montréal ranked 17th in the international financial market, ahead of many European cities as Munich, Luxembourg and Paris. In fact, according to the report, Montréal shows the largest rise in ratings in the Americas.

Preparing the next generation of financial leaders

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Montréal’s academic scene is equally dynamic with almost 30 finance-related university research units specializing in sectors such as derivatives, investment advisory and portfolio management, financial engineering, pension fund management, mathematical and computational finance, financial ethics, financial crime prevention and e-finance.

Montréal is preparing the next generation of financial leaders, with five universities offering a range of programs in the field of finance and 8,000 students enrolled in finance-related programs, of which 1,000 are studying at the Master’s level. Université du Québec à Montréal (UQAM) offers a virtual trading floor that allows for complex simulations of stock exchange, money and derivative market trading and promotes the development of new indicators and financial instruments. Concordia University has an Investment and Trading Center, a portfolio management analysis and simulation tool available to students and professors.

Montréal’s financial sector: Fast Facts

Top 10 financial sector employers in Montréal area:

Mouvement des Caisses Desjardins: the top financial institution of Québec: over 12,000 people and 350 locations in the Montréal region
National Bank of Canada: the sixth largest bank in Canada, 8,600 employees and 140 locations in Greater Montréal
RBC Financial Group: over 4,600 employees and 100 locations in the Montréal region
BMO Financial Group: over 3,200 employees and 100 locations in Greater Montréal
Power Corporation of Canada: an international portfolio management company, employs more than 3,200 people in the Montréal region
TD Financial Group: over 3,000 employees and 70 locations in Greater Montréal
Laurentian Bank of Canada: over 2,000 employees and 75 locations in the Montréal region
CIBC Bank: over 1,750 employees and 70 locations in Greater Montréal
Standard Life Canada: over 1,500 employees and 10 locations in the Montréal region
Sun Life Financial: over 1,400 employees and 10 locations in Greater Montréal

Major financial institutions headquartered in Montréal: