Shroff, who officially took up his new role on 18 April, was previously the executive director of JP Morgan's private banking business in Asia, where he led the foreign exchange and commodities team. Before that, he served on the FX options desk of Citigroup in London, Tokyo, and Singapore. 

Shroff's appointment comes at a time investors are looking for alternative yield sources, with gold and other types of precious metals taking centre stage, the firm said. According to the World Gold Council, global demand for gold had gone up 11 per cent in the first quarter of 2011 to 881.3 tonnes, compared to the 881 tonnes in the previous year.

"As private investors look for yield in a continued low interest environment, currencies and commodities, specifically gold and other precious metals, have become increasingly important elements of a balanced and diversified investment portfolio," commented Desmond Liu, the chief executive of HSBC Private Bank for North Asia. 

HSBC Private Bank provides services to high net worth individuals and their families through 96 locations worldwide. As of 31 December 2010, the company had $499 billion in total client assets under management.