TORONTO, July 6 /CNW/ - Scotia Asset Management L.P. announced June total long-term net sales of $147 million for ScotiaFunds, with total net redemptions of $23 million. Total assets under management on a year-over-year basis increased by $3.9 billion, or 20 per cent from June 2009.*

"In a month where overseas events and market volatility tested investors' confidence, we continue to demonstrate industry staying power with positive long-term net sales in June," said Glen Gowland, President and CEO, Scotia Asset Management. "Underpinning our recent success is ScotiaFunds' core bench strength in balanced solutions, which provide our customers with access to leading investment managers in a combination of funds that helps meet their unique needs."

Once again, the 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 $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.