TORONTO, Oct. 8 /CNW/ - Scotia Asset Management L.P. announced September total long-term net sales of $128 million for ScotiaFunds, with total net redemptions of $34 million. Total assets under management on a year-over-year basis increased by $3.5 billion, or 13.8 per cent from September 2009.*

"The most popular investment choices in September were in the income and balanced fund categories, reflecting investors' appetite for mutual funds with less downside risk," said Glen Gowland, President and CEO, Scotia Asset Management. "With 21 months of continuous long-term net sales, underpinning ScotiaFunds success is our core bench strength in income-oriented and balanced solutions."

Scotia INNOVA Portfolios and Scotia Diversified Monthly Income Fund were among the top selling funds for the month.

About Scotia Asset Management

Under the ScotiaFunds name, Scotia Asset Management L.P. provides a broad range of 36 mutual funds and 22 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 70,000 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 $523 billion in assets (as at July 31, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

*Preliminary estimates. Source: IFIC.