Montréal ranked 17th in international financial market
In 2012, Montréal was ranked 17th in the international financial market, ahead of many European cities as : Munich, Luxembourg and Paris, according to The Global Financial Centers Index (GFCI) published in September 2012. Montréal continues to make progress ranking 26th in 2009, and 20th in 2010.
Montréal’s unquestionable financial sector assets have enabled it to improve its ranking steadily. For example, Montréal is distinguished by its expertise in funds management, the presence of large technological companies, well-established financial institutions, diversified risk capital options, numerous higher education establishments and world-renowned banking stability. But, far from being satisfied with the outcome achieved, Montréal is now aiming well beyond this.
Finance Montreal's mission is to continuously improve Montréal's reputation on the financial market in general, and as a strong industrial hub that contributes to development all throughout Québec in particular. The organization helps strengthen Québec's financial sector by generating growth in high value-added financial activities. It builds on the cooperation of all financial sector players to ensure:
- An environment conducive to accessing capital to carry out innovative initiatives, and high-performance tools;
- A constant influx of young graduates from institutions of higher learning;
- Creation of financial entrepreneurship and establishing international-scale companies in Québec;
- A competitive environment in the information technology sector specialized in finance;
- Widespread influence of the financial sector on a local, national and international scale.
Finance Montréal works closely with the International Financial Centre of Montréal (IFC Montréal), whose complementary mission is to develop Montréal as an international financial market directly targeting foreign companies interested - or potentially interested - in Montréal as a center of business.
This complementary approach has been reflected by assigning the managerial functions of Finance Montréal and IFC Montréal to one individual: Eric Lemieux.
The financial sector
The Greater Montréal region’s financial sector employs more than 100 000 people who work in more than 3,000 businesses. The sector benefits from access to a vast pool of qualified workers, world-class universities and a favorable business environment. All the key financial subsectors are present in the region including banks and other financial intermediaries, insurance, securities, pension plans and mutual fund management and advisory services.
- More than 100 000 jobs spread out among 3,000 businesses.
- More than 25,000 financial specialists.
- 5,200 students in finance; more than 1,300 graduates yearly.
- With more than 25,000 financial specialists, Greater Montréal has an abundance of qualified human capital.
- Greater Montréal houses four major universities that offer programs specializing in finance, notably financial engineering, financial mathematics and so on.
- The region has 30 university research units in sectors such as: derivative products, pension plan administration, financial engineering etc...
Finance Montréal, Québec's financial cluster, was created in November 2010 by the financial services industry, at the invitation of the Québec Government. To fulfill its mission, Finance Montréal draws on its members' broad range of expertise and creativity. Finance Montréal's members are drawn from: banks and financial corporations, government bodies (the Québec government, the City of Montréal and the Communauté Métropolitaine de Montréal), Québec's financial regulatory agency - the AMF, and several universities. Finance Montréal works on projects in several areas, notably: human resources, derivative products, finance-related technologies, entrepreneurship etc... The goal is always to help structure the region’s financial sector and to increase its international competitiveness.