The great majority (86 per cent) of German wealth managers working with high net worth individuals believe that they will lose market share to automated investment services over the next two years, according to research firm Verdict Financial, reports FT.com. In global terms robo-advisors are still struggling to attract the assets of the wealthiest, and consequently grow their businesses and turn them profitable. Bartosz Golba, Verdict Financial's senior analyst covering wealth management, said this was because the wealthiest investors in mature economies such as the US and Britain had longstanding relationships with private bankers. The Monetary Authority of Singapore has shut down the Switzerland-based BSI Bank over its involvement in the increasingly suspect activities of 1 Malaysia Development Berhad, CNBC reports. The MAS cited "serious breaches of anti-money laundering requirements, poor management oversight of the bank's operations, and gross misconduct by some of the bank's staff." At the same time, Switzerland's Office of the Attorney General said it had opened criminal proceedings against BSI SA Bank, based on information uncovered by a Swiss criminal investigation into the development fund 1MDB.