The magazine, as yet unnamed, is to be edited by The Wall Street Journal deputy managing editor, Joanne Lipman, who leaves the Dow Jones-owned financial title after 22 years.
Lipman was behind the launch of The Wall Street Journal's Weekend Journal section, which she edited, and its Personal Journal section, owed by Dow Jones.
As editor-in-chief Lipman will work alongside the New Yorker publisher David Carey, who has been appointed as president of the new business group.
In 1991 Carey was taken on as the founding publisher of SmartMoney magazine, owned by Dow Jones and the Hearst Corporation.
He joined Conde Nast in 1995 to overhaul its House & Garden magazine, becoming publisher of The New Yorker in 1998.
The new venture has been met by cynicism in the publishing industry chiefly due to dwindling ad revenues in major business titles this year, with Business Week down by 10.1%, Fortune down 11.8% and Forbes down 4.3%, according to the Publishers Information Bureau.
Carey and Lipman are due to begin working on a prototype magazine and website and will be appointing an editorial team shortly.
The pair have said they are not daunted by starting a new magazine when other business publications have seen ad revenues decline sharply.
Conde Nast owns magazines such as Modern Bride, Allure, Vogue, Self and Lucky. The group has been looking to broadening its appeal to men since it acquired the Golf Digest Companies in 2001.
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