What a great picture!
I would think the photographer owns the rights. When I worked at the studio, even though I had shot some images, I did so with the boss's camera, in her studio under her direction. It mattered not that the images were of my great-niece for her 1st birthday (as my gift), but we did compromise in that I did all the retouching, image book set up, etc. on my own dime, but the studio got a book sample and a copy of the files.