Morgan Stanley plans to double the number of private bankers it employs in Asia over the next three years, as it focuses on catering for the burgeoning number of ultra-high net worth individuals based in the region.

The bank will hire around 100 bankers this year under the guidance of ex-Goldman Sachs banker Nick Chan, who was promoted to the newly created post of head of talent management for private wealth management in Asia earlier this year. Chan, who most recently ran Morgan Stanley's Indonesian private bank, reports to Charles Mak, head of private wealth management for Asia.