* Morgan Stanley team had $138 mln in client assets
* Sun Group is affiliated with LPL Financial
NEW YORK, March 21 A team of Morgan Stanley Smith Barney brokers with $138 million in client assets on Monday launched an independent advisory firm, Sun Group Wealth Partners.
The team is led by founding partner Winifred "Winnie" Sun and Brandon Chang, the director of investments. The new boutique says it joined up with Stratos Wealth Partners, an Ohio-based national advisory firm that is in turn affiliated with independent-broker network LPL Financial (LPLA.O).
Sun and Chang left Morgan Stanley last week and set up their new business in Irvine, California, on Monday, a spokesman for Sun Group said.
According to Financial Industry Regulatory Authority records, she had worked as a broker with Citigroup's (C.N) Smith Barney starting in 1999. Smith Barney became part of Morgan Stanley in a June 2009 merger.
(Reporting by Joseph A. Giannone; Editing by Richard Chang)