Few people have witnessed the full evolution of the exchange-traded fund (ETF) industry like Hector McNeil, co-founder and co-CEO of HANetf. From helping create the first gold ETF to spearheading Europe’s first white-label ETF platform, McNeil has played a defining role in democratizing access to investment products.
“I started my ETF career at Susquehanna, where I helped set up their ETF trading business,” McNeil recalled. “That was back in the early days—when ETFs were still an experiment in the U.S. and barely known in Europe.”
From Gold to Crypto: The Birth of a Disruptor
He later co-founded ETF Securities, credited with launching the world’s first gold ETF in Australia and the first European version, Gold Bullion Securities, in 2004.
“I was looking at that the other day,” he said, laughing. “The gold price back then was $418 an ounce. It’s gone up tenfold since ETFs were created. So in a way, that’s quite a nice indicator for crypto, isn’t it?”
The connection isn’t accidental. McNeil sees striking parallels between the early days of gold ETFs and today’s crypto products. “ETFs have always been about democratizing access. What gold was to institutions in 2004, crypto is to retail in 2025,” he said.
The White-Label Advantage
When McNeil and his long-time business partner Nik Bienkowski launched HANetf in 2017, the goal was to break down the barriers preventing asset managers from entering the ETF market.
“We wanted to shatter the idea that only giants like BlackRock or Vanguard could issue ETFs,” he explained. “Our model handles all the heavy lifting—from regulation to distribution—so managers can focus on strategy.”
HANetf’s platform allows firms to launch ETFs within roughly 10 weeks, providing the infrastructure, legal framework, and listing expertise that would otherwise take years to build in-house.
“When we sign a new client, they often say, ‘It’s the first time my mum can buy our product.’ She can go onto her online account, buy one share, and access an asset class that used to be reserved for hedge funds,” McNeil said.
The firm now supports over 32 brands out of 145 total ETF issuers in Europe—a sign of its dominance in a rapidly expanding segment.
“In the U.S., there are about 600 ETF brands,” he added. “Europe will follow that trajectory, and HANetf will be a major player in that growth.”
Regulation and the UK’s Missed Moment
Regulation remains a hot topic, especially as the UK recently reversed its ban on crypto exchange-traded products for retail investors. McNeil didn’t mince words about the delay.
“From a regulator’s perspective, it’s much better that investors have access to a regulated product traded on a regulated exchange, through a regulated broker,” he argued. “There are guardrails in place—suitability checks, liquidity requirements, market-maker pricing—that protect investors far better than the wild west of unregulated crypto platforms.”
He described the UK’s previous restrictions as “a bit of an own goal.” “They didn’t stop people accessing crypto markets—they just pushed them into less regulated environments,” McNeil said. “It didn’t make the UK look very advanced or at the forefront of innovation.”
For him, crypto ETPs represent progress, not risk. “If I were a regulator, I’d much rather have Mrs. McNeil trading through Hargreaves Lansdown than on some offshore crypto exchange in Kazakhstan,” he quipped.
Partnering With Citi and Looking Ahead
In July 2025, Citigroup acquired a minority stake in HANetf, a deal McNeil describes as both strategic and symbolic.
“Citi are launching their own white-label platform, actually competing with us,” he said. “But we’re also going to be one of their service providers for capital markets and other services. So it’s a partnership as much as an investment.”
He said the move was less about funding and more about credibility. “We didn’t need the money—we’re profitable—but the due diligence process from a global bank like Citi gives enormous confidence to our clients. It’s another tick in the box for HANetf.”
As for what’s next, McNeil remains bullish on Europe’s ETF trajectory. “We’re going to see huge growth,” he said. “In the U.S., everyone from YouTubers to pension funds are launching their own ETFs—even The Motley Fool has one. Europe will follow that trend.”
His enthusiasm for the space is palpable. “I’m an ETF moonie,” he laughs. “I love this industry—and I think it’s only just getting started.”
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