Fund managers losing billions

Fund managers are losing $6 billion every year because they are not reclaiming the withholding tax that they are entitled to, according to a new report. Investors and custody banks have been aware of the problem for years, but this is the first time that anyone has measured how much the fund managers are owed.

The scale of the problem is likely to surprise fund managers, who are already struggling to eke returns out of difficult market conditions.