The head of Ashurst's asset management and investment funds practice in Madrid has departed for a local rival.

Josefina García Pedroviejo has joined top 10 Spanish firm Pérez-Llorca as a partner in the finance team and will lead its financial services practice, having been a counsel at Ashurst.

García Pedroviejo spent four years at Ashurst and prior to that was a senior associate at leading Spanish firm Uría Menéndez for more than a decade. She has advised clients including banks, management companies and financial institutions on financial services authorisation and passporting procedures, investment product creation and marketing, ESG investing and market structure. She also counsels clients on matters related to compliance and money laundering.

Pérez-Llorca banking and finance partner Ander Valverde commented: "We are thrilled to welcome Josefina to our finance team. She is an excellent fit given her expertise in regulatory matters and her client portfolio, all of which will bring many synergies and opportunities."

A spokesperson added that financial services is a key practice for the firm and it expects the team to grow under García Pedroviejo’s leadership.

García Pedroviejo said she was "very excited about this new stage of my career that I am embarking on today. I'm joining a highly competent and multidisciplinary finance team and have the opportunity to lead the financial services practice, where I believe I can contribute my previous experience to that of Pérez-Llorca's professionals in order to develop the practice.”

Pérez-Llorca made its debut on Iberian Lawyer’s ranking of top 10 Spanish law firms by revenue last April after its 2020 income hit €68.5m, putting it in tenth place behind Linklaters.

In December the firm hired EU law expert Sonsoles Centeno to lead the opening of a new office in Brussels, with Centeno joining from a role as deputy director general for European Union and International Affairs (Ministry of Justice).

And last November, the firm announced it was set to move its London office from the City to Mayfair to be closer to the international funds based nearby that make up a large part of its client base in the city. The move also saw a trio of lawyers relocating from its offices in Spain to join resident partner Álvaro Ramírez de Haro.

Ashurst, meanwhile, has operated out of Madrid since 2001 and has more than 60 lawyers based there, according to its website. Last September, Spain head of corporate and former office managing partner María José Menendez was elected to the board.

Last May, Madrid-based global loans and markets specialist Irian Martinez was one of 14 lawyers made up to partner across the firm's network. 

An Ashurst spokesperson said the firm wished García Pedroviejo "all the best for the future."