Why is McGill coming to Luxembourg?
Patrick Augustin. —“The reason I started discussions with the Ministry of Finance, ABBL and Alfi is because I think there is a need for executive education in finance here. Luxembourg is a major financial centre—the biggest in Europe for fund domiciliation and, I believe, the second biggest in the world. But in contrast with other major financial centres, Luxembourg does not have a world-class business school of that calibre focused specifically on finance. There are programmes here, but they tend to be more general management. There was nothing specifically in the finance space at that level. The idea is not to replace what already exists, but to be complementary—to add something where there was still a gap, especially for working professionals in finance.
From McGill’s side, there is also an expansion strategy. Our president has this mantra that “the world comes to McGill”. And now this is changing to “McGill comes to the world”. In Europe, despite strong Francophone ties, we are less represented. Luxembourg emerged as a natural fit when it comes to finance.
So this is both a Luxembourg need and a McGill expansion?
“Luxembourg needed something like this. There was a lack in the finance space, which is still the dominant sector of the economy, to have this kind of part‑time, executive‑type, Anglo‑Saxon education for working professionals. At the same time, for McGill, it fits with our ambition to expand globally. So it’s a win‑win in that sense. And I think it fits very well in the current climate of increased partnership between Canada and Luxembourg specifically, but Europe more generally.
Luxembourg competes with other jurisdictions—Ireland, for example—and remaining attractive requires investing in human capital.
How does this relate to Luxembourg’s competitiveness?
“Competition for talent is global. Every financial centre competes for talent. But Luxembourg is also facing a structural shift. Historically, many functions here were more back-office or middle-office in the fund industry—legal, risk management, administration. With the growth of private equity and alternative assets, the required skills are changing. To use Alfi’s wording, there is a need to ‘move up the value chain’ in terms of skills and talent. Luxembourg competes with other jurisdictions—Ireland, for example—and remaining attractive requires investing in human capital. A business school is not the only element, but it is one piece of the puzzle.
Who is this master’s programme for?
“In Montreal, the MMF is full-time. In Luxembourg it will be part-time and designed for working professionals. The main target group is professionals with roughly one to ten years of experience. Not senior executives with 15 years in C-suite roles, but people earlier in their careers who want to strengthen their expertise or move up the value chain. It is also a natural fit for people with backgrounds in physics, engineering, mathematics or other quantitative fields who want to transition into finance. They often have the analytical skillset but not the financial language or formal training.
How will the programme be delivered?
“It will be delivered in executive-style blocks. A professor will typically come to Luxembourg for two weekends—Friday and Saturday, then the following Friday and Saturday—to teach in an intensive format. There will be some complement via Zoom before and after, but the bulk of the teaching will be in person. Most of the faculty—around 80% or more—will come from McGill in Montreal. I really believe in building bridges. So we’re also going to integrate one or two local professors from the University of Luxembourg, provided they meet McGill’s quality criteria.
The degree is the same Canadian-accredited McGill degree. The core curriculum is identical.
Will the degree be identical to the one in Montreal?
“Yes. It is clearly identical. Anything we do must go through McGill’s academic governance process—department, faculty and university-level committees. The quality requirements are exactly the same. The degree is the same Canadian-accredited McGill degree. The core curriculum is identical. If we wanted to change the core structure, it would require the same multi-layer approval process as in Montreal.
Where we tailor the programme is in the electives. In Luxembourg, we will include electives that speak directly to the local ecosystem—pension funds, mutual and hedge funds, private equity, venture capital and M&A. But the backbone of the programme is the same.
What will students actually learn?
“The programme covers the broad spectrum of public capital markets, private markets and asset management. A distinctive feature is that McGill owns a regulated investment management firm in Canada. Students are fully integrated into running real funds—assessing holdings, developing investment theses, pitching to investors, handling compliance reporting and risk management. For Luxembourg, we’ve chosen to focus in particular on the socially responsible investment fund within that structure.
We also have a course on sustainable finance and a course on financial technology. Sustainable finance is embedded not only through coursework but through the practical investment component.
What is your longer-term vision for the investment fund structure in Luxembourg?
“Looking ahead, I would really like to see a parallel structure created in Luxembourg. The investment work itself—building the thesis, doing the risk analysis, pitching—would be identical. The difference would be that students here would also deal with Luxembourg and European regulation and reporting, rather than only Canadian rules. That would make the learning experience even more relevant locally. But that requires time, support from the industry and, of course, the agreement of the regulator.
You mentioned a broader centre—what does that involve?
“The McGill Luxembourg Centre for Finance has a broader mandate. One pillar is the master’s programme. A second is research and thought leadership. For example, we conducted a study with Alfi on pension funds that was very well received and presented in discussions at European level. And in June, we are organising a major conference on international sovereign bond markets together with the Luxembourg Central Bank and the European Stability Mechanism. The third pillar could be broader executive education in the future, depending on demand.
Is the programme open to students from abroad?
“This is where it becomes technical. The degree is accredited in Canada, not in Luxembourg, so we cannot issue Luxembourg student visas. We can admit EU and EEA nationals without difficulty, as well as non-EU nationals who already have authorisation to reside here. But we cannot, for example, accept someone from Canada who wants to move here solely for the degree and requires a student visa. One option would be to obtain Luxembourg accreditation. However, the requirement is not about academic standards but about having a sufficient number of full-time faculty based locally—currently 15—which makes the process more complex.
Where will the programme be taught?
“We have a partnership with the Chamber of Commerce. We will have offices there, and the courses will be delivered in their facilities. We also work with our founding partners—the Ministry of Finance, ABBL and Alfi—who support the initiative and give it visibility within the financial ecosystem.
The McGill Luxembourg Centre for Finance is intended to stay, and the founding partners are involved in that vision.
How many students are you expecting?
“We would like to start with around 15 students in the first cohort in August. In steady state, we’d aim for 30 to 35 students. We’re not trying to make this a very large programme—the cohort size is chosen so we can keep the quality and interaction high.
Is this a permanent installation in Luxembourg?
“The goal is long-term. The idea is not to end this after five years. The McGill Luxembourg Centre for Finance is intended to stay, and the founding partners are involved in that vision. But we will grow step by step and see where we can add value.
A full-time campus would require much greater investment and broader institutional decisions. That is not on the table now. Ultimately, what matters in 10, 20 or 30 years are the networks that are built. Strengthening the links between Luxembourg, Montreal and the broader McGill alumni network is part of that long-term ambition.”
On Monday 2 March 2026, McGill will host its first community gathering in Luxembourg, a McGill Community Evening organised by the McGill Luxembourg Centre for Finance at Arendt House (Kirchberg). The programme includes a preview of the MMF Luxembourg ahead of its August 2026 launch, with Prof. Patrick Augustin presenting the vision for the initiative and Finance Minister Gilles Roth delivering opening remarks. Registration is open until 28 February via the .