Scudder Kemper Investments Inc. of New York said it has hired a sales consultant to focus for the first time on high-net-worth gay and lesbian investors.

J.R. Mathena joined Scudder Private Investment Counsel this month from Bank of America's Private Bank, where he was vice president and manager of business development.

A spokesman said the position was created in response to changing demographics.

The company's research, he said, showed that 30% to 40% of new wealth is in the gay and lesbian community.

Not everyone is looking to cater to that demographic. A handful of banking companies surveyed by American Banker said they have no one focusing on the high-net-worth gay and lesbian community. Mellon Financial Corp. does devote resources to this market.

Scudder Private Investment manages more than $15 billion of assets.

- Cheryl Winokur

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