The new practice will offer expert legal advice on a wide range of matters relevant to the financial services industry, including asset management, investment funds, fund service providers, investment firms, payment services, fintech, digital assets, crypto asset service providers, EIIS and intermediaries.

The firm said the venture would address the requirements of clients both within Ireland and internationally.

The Irish funds industry, combining Irish-domiciled and foreign-domiciled funds administered in Ireland, is estimated by Monterey Research to be worth in excess of €5 trillion.

Daniel Lawlor of Aquest Advisory will lead the financial services and investment funds team.

Mr Lawlor has more than 20 years’ experience in financial services regulation and compliance, gained first in private practice and then as a securities regulator for seven years in the Central Bank of Ireland, where he was head of the funds policy team.

He will continue in his role as managing director of Aquest Advisory, a boutique firm offering training, advisory and preparatory services for the Irish financial services industry.

Mr Lawlor said: “This is an exciting opportunity to lead a team that delivers practical, commercially focused advice to clients navigating an increasingly complex regulatory landscape.

“I look forward to working alongside Philip Lee to support their clients’ ambitions with clarity, insight and integrity.”

Jonathan Kelly, managing partner at Philip Lee, said: “The launch of our financial services and investment funds practice is a natural progression for the firm as we continue to grow and diversify.

“Ireland is a global hub for investment funds and financial services and we are excited to support our clients in navigating this dynamic and highly regulated environment.”