Thomson Reuters to invest $1 billion in new products - FT

Thomson Reuters to invest $1 billion in new products - FT

Thomson Reuters is to spend $1 billion this year on the development of new financial services products, Devin Wenig, chief executive of the Markets division at the news and information group has told the FT.

The initial release from the group will be a multi-million-dollar online video platform for use by professional traders and investors.

About 130 people in New York, London and Hong Kong are being recruited for the launch this summer of the new service, which will also carry content from third party providers. It will be integrated with the group's existing editorial output and financial data, the FT reports.

In its results statement last week, the vendor said it was preparing to embark on the second phase of its acquisition integration, which includes retiring legacy products and systems, consolidating data centres and rolling out new strategic products.

The new video service, dubbed Reuters Insider will differentiate itself from competing offerings from CNBC, Bloomberg Television and Fox Business News by targeting the professional subscription market as part of Thomson Reuters premium desktop product suite.

The multi-channel offering will be customisable, so that subscribers can track individual sectors, asset classes, regions, companies and topics, or an investor's portfolio.

Wenig told the FT that Reuters Insider would carry no advertising, but generate revenue by "significantly accelerating" the gains in market share the group has won during the economic downturn.

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