Reuters plans to launch a social networking site later this year, but its version of MySpace will target not teenagers but fund managers, traders and analysts.

Reuters hopes to pull many of its 70,000 subscribers to its messaging service as the starting point for the social networking site, the Guardian writes.

The new site will be exclusive to subscribers, because Reuters wants to make sure that members share a common interest in finance-related matters.

"People don't want to have 100 friend requests from teenage girls in Florida if they are trading the credit derivatives market, but they probably are interested in being able to share research," said Chief Executive Tom Glocer.