TORONTO, Feb. 23 /CNW/ - ScotiaFunds(TM) is pleased to announce that it received top honours in three categories for delivering strong risk-adjusted performance at the 2010 Canada Lipper Fund Awards.

"2009 was a year that was marked by extreme market highs and lows, we are especially proud to be honoured with this distinction by Lipper," said Glen Gowland, President & CEO, Scotia Asset Management L.P. "At ScotiaFunds, we work closely with all of our portfolio advisors to ensure each fund is positioned to deliver competitive risk-adjusted returns for clients. The Lipper awards are a testament to the winning funds' disciplined investment process."

The following ScotiaFunds were recognized by Lipper at its annual award ceremony last week:

Best 1-Year Performance

        Scotia Canadian Small Cap Fund
        Category: Canadian Small/Mid Cap
        Portfolio Advisor: Scotia Asset Management L.P.

        Scotia Latin American Fund
        Category: Miscellaneous
        Portfolio Advisor: TCW Investment Management Company
                           (GLG Partners Inc.)

    Best 5-Year Performance

        Scotia Resource Fund
        Category: Natural Resources Equity
        Portfolio Advisor: Scotia Asset Management L.P.

"The Lipper Fund Awards cap a year of tremendous growth and achievement for ScotiaFunds, "said Mr. Gowland. "Ranked number one in total industry net sales in 2009, ScotiaFunds continues to build positive sales momentum that reflects the growing confidence that investors and advisors have in our funds and our portfolio management team."

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.