Deutsche Bank Private Wealth Management has appointed Teddy Chu as head of wealth planning North Asia and Andrew Chan as wealth planner.

Deutsche Bank Private Wealth Management has appointed Teddy Chu as head of wealth planning North Asia and Andrew Chan as wealth planner. Both will be based in Hong Kong.

Chu and Chan previously held senior wealth planning positions at HSBC Trustee in HSBC Private Bank in Hong Kong. Both are full members of the Society of Trust and Estate Practitioners.

Besides helping build wealth preservation and success strategies for clients in North Asia, Chu will also assume responsibility for leading the wealth planning operations for the said market. They report to Mark Smallwood, the Singapore-based head of wealth management solutions Asia Pacific.

"Succession planning and wealth management has increasingly become a key concern, particularly among high net worth individuals in Asia," said Smallwood in a statement.

The appointments take effect immediately.

Deutsche, like many other Western banks, has been stepping up its Asian operations to tap into an expected rapid rise in the population of high net worth individuals in the region. Earlier this year, for example, Deutsche Bank reportedly planned to double the assets it manages for non-resident Indians (NRIs) to $10 billion in three years and hire more bankers in Asia to capture this growing market.