A Sydney boutique investing in alternatives has partnered with a distribution firm started by UBS Global Asset Management's former Australian chief executive.

Australia's $168 billion sovereign wealth fund returned 14.3% last year, while warning that future returns will be lower.

VanEck is set to list an active ETF that will invest in emerging markets bonds, with a target of 5% annual yield after fees.

Treasury has announced a four-week consultation into "stamping fees" paid by fund managers to advisers and brokers for exchange-listed funds, as public scrutiny into the practice mounts.