TORONTO, April 6 /CNW/ - Scotia Asset Management L.P. today announced that Scotia INNOVA Portfolios(TM) surpassed $1 billion in assets under management. Launched in January 2009, Scotia INNOVA Portfolios are professionally managed portfolio solutions for clients with investable assets exceeding $50,000.

"This outstanding achievement has helped ScotiaFunds maintain a leadership position in net sales within the fund industry and reflects the growing confidence that investors and advisors have in our fund line-up," said Glen Gowland, President and CEO, Scotia Asset Management.

From January 1 to March 1, 2010, Scotia Asset Management L.P. reported $681 million in long-term net fund sales. "Investors returned to long-term investments this past RSP season in increasing numbers," said Mr. Gowland. "Many of our clients opted for the simplicity and convenience of Scotia INNOVA Portfolios."

Scotia INNOVA Portfolios includes five distinct portfolios that offer exclusive investment management expertise, comprehensive portfolio diversification and ongoing monitoring and rebalancing. Class T units are available for investors seeking predictable, sustainable and potentially tax-efficient monthly income.

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 Canadian 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 $507 billion in assets (as at January 31, 2010), 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.