Europe’s independent third-party provider of UCITS ETFs, HANetf Limited, has achieved over subscription in its recent round of funding.
The company was founded by Europe’s ETF entrepreneurs Hector McNeil and Nik Bienkowski, who helped found and establish ETF Securities before founding and launching Boost ETP, which later became WisdomTree Europe – which they led until May 2016 – following its acquisition by WisdomTree in 2014.
The new company is designed to provide a turnkey solution for the growing number of US and Asian ETF issuers and traditional asset managers seeking to enter the ETF market in Europe, through a platform which offers services including product development, compliance, operations, capital markets, sales, marketing and distribution.
“Our goal is to become a new force in ETF innovation in Europe by helping clients enter the space efficiently and without having to commit to running full-scale ETF businesses, thus significantly lowering barriers to entry,” says Hector McNeil, Founder and Co-CEO of HANetf.
“With the recent acquisitions of Source by Invesco and Canvass by LGIM, HANetf will be the only independent provider in Europe focused on launching ETFs for third-party asset managers. The success and purchase of both businesses reinforces the demand for innovative, cost and time efficient solutions for asset managers seeking to enter the European ETF market.”
Nik Bienkowski, Founder and Co-CEO of HANetf says: “Since creating the concept, we have made significant progress toward setting up our platform to be open for business and this round of funding will help us rapidly scale the business and onboard clients.
“We believe that every asset manager needs an ETF product strategy and some form of ETF offering within the next five years. As a result, HANetf expects to support more than 100 ETFs in the next five to seven years. After helping to bring numerous investment products to investors for the first time, HANetf is now looking forward to assisting the next wave of asset managers to issue new and innovative ETFs.”
Key investors in the funding round for HANetf include Peter Thompson, co-founder of Source ETF; Point72 Ventures, the early-stage venture capital strategy funded by Steve Cohen; and Elkstone, a European Multi-Family Office with a significant heritage in early-stage venture investment.