TORONTO, May 6 /CNW/ - Scotia Asset Management L.P. announced April total net sales of $63 million for ScotiaFunds.* Long-term funds had net sales of $222 million and assets under management increased by $137 million, or 0.6 per cent from March of 2010.

"Our long-term funds continued to attract assets in April, most notably our balanced portfolio solutions, further cementing ScotiaFunds' position as an industry leader in the sale of long-term funds," said Glen Gowland, President and CEO, Scotia Asset Management. "With positive market share gains versus the industry in 35 of the past 40 months, our recent achievements are part of a broader success story for ScotiaFunds that stretches back over three years."†

Top selling funds for the month included Scotia INNOVA Portfolios, Scotia Diversified Monthly Income Fund and Scotia Selected Portfolios.

About Scotia Asset Management

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.

*Preliminary estimates.

† Based on IFIC-reported mutual fund assets in Canada from November 30, 2006 to March 31, 2010.