HighTower Advisors has hired two Washington, D.C.-based Bank of America Merrill Lynch financial advisors who previously oversaw more than $1 billion in client assets.

Paul A. Pagnato and David W. Karp joined HighTower as managing directors and partners on July 29, and operate under the name Pagnato-Karp Group.

Both Pagnato and Karp previously served as private wealth advisors at Merrill Lynch’s Private Banking and Investment Group.

Pagnato joined Merrill Lynch in May 1992, according to his registration records with the Financial Industry Regulatory Authority. He founded Merrill Lynch Private Banking and Investment Group’s Washington, D.C. branch and also served on the Merrill Lynch Advisory Board.

Karp joined Merrill Lynch in December 1997, FINRA records show, and served on the Merrill Lynch Investment Policy Committee.

Together, Pagnato and Karp focus on family offices with services addressing estate and tax planning, asset management, and philanthropic plans for entrepreneurs.