TORONTO, April 15 /CNW/ - Scotia Asset Management L.P. announced total net sales of $929 million for ScotiaFunds for the first quarter of 2010.* Long-term funds had net sales of $1.09 billion and assets under management increased by $1.3 billion, or one per cent from the fourth quarter of 2009.

"Investors shifted to long-term mutual funds in the first three months of the year in increasing numbers," said Glen Gowland, President and CEO, Scotia Asset Management. "Our clients continued to show confidence in our funds and investment management approach, with many choosing the simplicity and convenience of ScotiaFunds' balanced portfolio solutions this past RSP season."

ScotiaFunds capped the first quarter with a significant milestone - $ 1 billion assets invested in Scotia INNOVA Portfolios. Launched in January of 2009, Scotia INNOVA Portfolios are professionally managed solutions for clients with investable assets exceeding $50,000.

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.

*Preliminary IFIC figures are not inclusive of Scotia Partners Portfolios third-party funds assets.