Ashurst has launched an in-house tech development and investment arm, as it reshuffles the management of its innovation division Ashurst Advance.

The new arm, called Ashurst Digital Ventures (ADV), will develop tech in-house primarily to sell to the firm's clients.

It is led by co-chief executives – finance, funds and restructuring global head Jamie Ng and venture capital partner Tara Waters.

The firm has also hired Simmons & Simmons financial services regulatory counsel Sarah Chambers to join the new project. At Simmons, she led the firm's subscription service offering to its fin-reg clients.

Ashurst Advance has been split into two divisions: the new ADV arm, and the legacy innovation programme, which has been renamed Ashurst Advance Delivery. Current co-head Chris Georgiou will take sole leadership of Ashurst Advance, while fellow co-head Mike Poulson will lead Advance Delivery.

Ng and Waters have been given the mandate by the firm's board to support "partnerships, collaborations and investment" with third-party companies if there is a suitable business case for it, according to Waters.

There is no formal investment setup and investment decisions will be made on a case-by-case basis. According to Georgiou, pricing models for new products sold to clients will vary and the firm will consider subscription, one-off and premium service models, among others.

Georgiou said global managing partner Paul Jenkins, who was reappointed for a four-year term yesterday (May 1), is a key reason for the launch of the venture and has a "very, very progressive" approach.