TORONTO, Jan. 29 /CNW/ - ScotiaFunds(TM) reported total net sales of $2.6 billion and growth in assets under management (AUM) of $5.5 billion or 29.7 per cent for the 2009 calendar year.

ScotiaFunds was number one in net sales for 5 of the last 7 months of 2009, including December, with overall net sales for the month of $426 million. "In what started off as a challenging year for financial markets, ScotiaFunds ranked number one in total industry net sales in 2009," said Glen Gowland, President & CEO, Scotia Asset Management. "This tremendous achievement reflects the continued confidence that investors and advisors have in our funds and portfolio management team."

ScotiaFunds recorded positive net sales in all 12 months for the calendar year*. "These results are demonstrated across ScotiaFunds competitive line up of mutual funds and portfolio solutions, with strong growth coming from our balanced funds and wrap products, including our highly successful Scotia INNOVA Portfolios," added Mr. Gowland. (*Source: IFIC)

Launched in January of 2009, Scotia INNOVA Portfolios(TM) - an exclusive portfolio management solution designed to help meet the needs of investors with assets exceeding $50,000 - ended the year with more than $620 million in AUM and was the largest net sales contributor to ScotiaFunds in 2009. Other successful product initiatives in 2009 included Scotia Bond Fund, a core fixed income fund launched September 8th.

Under the ScotiaFunds name, Scotia Asset Management L.P. provides a broad range of 33 mutual funds and 21 professionally managed portfolios. ScotiaFunds are available from Scotia Securities Inc., through domestic Scotiabank branches, ScotiaMcLeod Direct Investing, ScotiaMcLeod, as well as leading investment dealers, independent brokers, advisors and financial planners.

Scotia Asset Management L.P. is wholly-owned, directly and indirectly, by The Bank of Nova Scotia. Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With close to 68,000 employees, Scotiabank Group and its affiliates serve approximately 14.6 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With more than $496 billion in assets (as at October 31, 2009), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

(TM) Trademarks of The Bank of Nova Scotia, used under license.

ScotiaMcLeod Direct Investing (SMDI) and Scotia McLeod are divisions of Scotia Capital, Inc., Member CIPF. Scotia Securities Inc. and Scotia Capital Inc. are separate entities which are affiliated.