Chicago-based independent wealth management firm HighTower Advisors LLC said it has hired an eight-member team which managed about $750 million in assets at Morgan Stanley.The Bahnsen Group, led by David Bahnsen and Brian Szytel, provides financial planning and investment management services to high net-worth individuals and families.

Bahnsen, who also serves as the team's chief investment officer, worked at UBS Financial Services before joining Morgan Stanley.

Szytel manages investment strategy and specializes in personal wealth advising, asset allocation and estate planning. Szytel began his career at UBS before moving to retail brokerage Smith Barney and then to Morgan Stanley in 2008.

Morgan Stanley was not immediately able to confirm the departures.