A Morgan Stanley team that managed $750 million has moved over to HighTower, the firm said.
David Bahnsen and Brian Szytel, managing directors of the Bahnsen Group, made the move with their eight-person team, based in Newport Beach, Calif. Bahnsen, who has 14 years in the industry, was also listed in On Wall Street’s Top 40 Advisors Under 40 in 2013.
The firm focuses on HNW individuals and families in Orange County, and bolsters HighTower's presence in California. Bahnsen Group became the ninth HighTower team in the state, and the firm's 13th West Coast practice.
“David leads an elite advisory practice on a phenomenal growth trajectory," stated Michael Parker, national director, enterprise development at HighTower. "The caliber of his team reflects the discriminating process we use for selecting advisors to join the HighTower membership.”
Bahnsen's career includes six years as first vice president with UBS before he joined Morgan Stanley.
This is the second high-profile advisor HighTower has lured away from Morgan Stanley this year.
In February, advisor Patricia Pick, managing $225 million in client assets, joined VWG Wealth Management in Vienna, Va., a suburb of Washington.
Also that month, HighTower brought over a breakaway team managing $500 million in client assets from UBS.