The family released photos of the two on Friday.
“The Lynch family is devastated and is receiving comfort and support from family and friends,” the spokesperson said in a statement.
“Their thoughts are with all those affected by the tragedy. They would like to express their sincere gratitude to the Italian Coast Guard, the emergency services and all those who assisted in the rescue.”
“What they are asking now is that their privacy be respected during this time of unspeakable grief.”
Sushoban Hussain, a close friend and colleague of Mr Lynch, said he and his wife were “devastated by the deaths of our dear friends”.
He added: “We've known Hannah since she was born, and to push her off the edge of her life is unbelievably cruel.”
“Mike was one of the most intelligent and caring people I know,” said another close friend, Andrew Canter. “His passion for life, knowledge and the people around him was an instant inspiration to everyone he met, and he will be sorely missed.”
The Italian Coast Guard issued a statement saying the rescue operation had ended with the recovery of the Hannah Lynch and that a total of seven people had been confirmed dead.
Survivors include a one-year-old child and Hannah's mother, Angela Bacares.
Morgan Stanley International Bank Chairman Jonathan Bloomer, his wife Judy Bloomer, Clifford Chance's attorney Chris Morvillo, his wife Neda Morvillo, and the boat's cook Recardo Thomas all died in the disaster.
Rescue workers described the operation, which has been underway since Monday, as “complex”, with divers limited to 12 minutes underwater shift time.
