The team behind Ignites has launched a competing news service for asset managers that focuses on portfolio management.

Gavin Daly, an early reporter at Ignites, left the Financial Times to found Nine Twenty Nine Media earlier this year. He pulled a number of former Money-Media people with him, including Andrew Greene who had been an editor at Ignites. Money-Media is the publisher of Ignites and FundFire that was acquired by the Financial Times in 2008.

Daly says that subscription-based NineTwentyNine differs from Ignites by covering the investment side of the fund business rather than the operations, compliance and distribution topics. Indeed, its name is taken from the NYSE's daily bell ringing at 9:30 am and implies that it is the last thing a PM needs to look at.

The service actually delivers its emails earlier in the morning, says Daly.

Gavin is boot-strapping the company from the sale of Money-Media and does not have any outside investors.

One face that you will not see on the Web site is that of Michael Griffin, Money-Media's founder. Griffen retired from publishing after the sale to the Financial Times.

Before leaving the London-based Financial Times, Daly had been director of the publishing giant's Financial Publishing division.  

Correction: A prior version of this story misspelled Gavin Daly's last name.

Edited by: Sean Hanna, Editor in Chief


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