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Tell your current team first, have 1-2 really good reasons why you want to move, I think having one about upward mobility or team structure without putting your current team down is solid and then another one about why you want to move where you do. These can be better professional relationships in that new city, less crowded at the associate-VP level and you're confident you can fill a gap, aligns with your personal interests, etc you know what it is for you.
Ask your current team for permission to contact the new team, if it goes well, ask for a reference from your current team. Many of these directors - MDs know each other, having your current director's rec can springboard you to the front.
Be humble, honest, calculated and succinct with your ask and it can only go good. I have seen 1-2 instances where someone did not let their current team know, was disorganized, and it really blew up.
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