TORONTO, Nov. 10 /CNW/ - Scotia Asset Management L.P. announced October total net sales of $33 million for ScotiaFunds, with total long-term net sales of $120 million. Total assets under management on a year-over-year basis increased by $3.7 billion, or 17.7 per cent from October 2009.*

"October marked another strong month for ScotiaFunds as we continued to see steady inflows into our successful balanced and income-oriented funds," said Glen Gowland, President and CEO, Scotia Asset Management. "Scotia INNOVA Portfolios remain a popular choice with our investors, capturing $82 million in net sales last month and $965 million in net sales this year."

Scotia INNOVA Portfolios offer exclusive investment management expertise, comprehensive portfolio diversification and ongoing monitoring and rebalancing for investors with assets exceeding $50,000.

"As part of the annual reoptimization process, each Scotia INNOVA Portfolio was rebalanced in October to reduce risk and enhance diversification across more specialized mandates. One of the new additions to the Portfolios is Pinnacle Emerging Markets Equity Fund - a specialty mutual fund that seeks to capture the growth potential and diversification benefits of emerging market equities," noted Mr. Gowland.

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.

About Scotiabank

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.