Pannone has launched an office in London, establishing a corporate crime offering with a double partner hire.

Zia Ullah and Sara Teasdale have joined the northwest firm's new City base as partners to establish a crime, fraud and regulatory practice.

Ullah returns to the firm after a two-year stint at Barclays Bank where he was director and group head of sanctions and policy. He first joined Pannone in 2005 as a regulatory partner and head of the firm's money service business team.

Ullah will also establish a new compliance consultancy service for financial services clients.

Teasdale joins from dissolving life sciences boutique Roiter Zucker where she was a partner specialising in fraud and regulation.

She has worked on a number of high-profile Serious Fraud Office investigations including the BAE Systems probe, and returns to Pannone having qualified at the firm in 2000 before leaving for a move to London in 2003.

Pannone regulatory group head Anthony Barnfather commented: "The majority of our work has been in London, therefore it is a natural extension to have a full-time presence in the capital."

He added: "We have seen a sharp rise in high-profile investigations by regulators, in particular the Financial Services Authority and, as a result, we have opened a London office to service the demands of our growing client base."

The news comes as the firm announces its 2009-10 financial results, posting a 5% drop in turnover to £49.5m while profits per equity partner (PEP) marginally increased from £228k in 2008-09 to a new mark of £229k.