TORONTO, June 4 /CNW/ - Scotia Asset Management L.P. announced May total net sales of $74 million for ScotiaFunds, with long term net sales of $85 million. Total assets under management on a year-over-year basis increased by $4.8 billion or 25.5 per cent from May 2009.*

"We are pleased that we continue to experience positive net sales, despite the market volatility in the month of May," said Glen Gowland, President and CEO, Scotia Asset Management. "This reflects the growing confidence that clients have in our funds and investment management approach, which is further cemented by our steady market share gains versus the industry in 38 of the past 40 months."(xx)

Top selling funds for the month included balanced solutions, most notably 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 $526 billion in assets (as at April 30, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

*  Preliminary estimates.
    (xx) Based on IFIC-reported mutual fund assets in Canada from January
         31, 2007 to April 30, 2010.