March 18, 2011
Michel Patry, Director of HEC Montréal, says he is very pleased with the creation of the Montreal Structured Finance and Derivatives Institute, as announced yesterday by Minister of Finance and Minister of Revenue Raymond Bachand, in his budget speech.
“The Institute, an initiative of HEC Montréal and a first in Québec,” emphasizes Mr. Patry, “is intended as a centre for creating and disseminating knowledge concerning structured finance and derivatives. It will bring together the top experts in the field, from HEC Montréal and across Québec. We are very proud that the Institute’s different partners have placed their trust in us. This will help to strengthen Montréal's position among the world’s major financial centres.”
The Montreal Structured Finance and Derivatives Institute will receive funding of $15 million over a 10-year period. The Autorité des marchés financiers and the Québec government will contribute to its establishment and operation by injecting $5 million and $1 million, respectively. HEC Montréal will also contribute to founding the Institute and to its operation, with a $6 million investment from its own resources in the form of infrastructure, computer services and staff, and a further $3 million raised by soliciting companies and organizations to support the project through the HEC Montréal Foundation.
HEC Montréal's expertise in this field is widely recognized. As Michel Patry noted, “The School already offers graduate-level training in finance, financial engineering and financial economics. It is the leading Québec university in terms of the number of publications in these disciplines and many granting agencies have already invested in the School in this field.“
Mr. Patry also expressed his approval of the tuition fee increase announced in the budget. “This increase will help to maintain teaching quality and the supply of advanced services to meet the best national and international teaching standards. Moreover, this important decision for higher educational institutions will help to reduce the gap between universities in Québec and those elsewhere in Canada and internationally, as we are facing an increasingly competitive market. Good news, definitely.”