TORONTO, Feb. 10 /CNW/ - Scotia Asset Management L.P. announced January total net sales of $415 million for ScotiaFunds, with total long-term net sales of $248 million.  Total assets under management on a year-over-year basis increased by $4.1 billion, or 18.3 per cent from January 2010.*

"January was a very strong month for ScotiaFunds with many clients choosing the simplicity and convenience of ScotiaFunds' balanced solutions as the RSP season gets underway," said Glen Gowland, CEO, Scotia Asset Management. 

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

ScotiaFunds capped the first month of 2011 with a significant milestone - $2 billion in assets invested in Scotia INNOVA Portfolios.  Launched in January of 2009, Scotia INNOVA Portfolios are professionally managed solutions for clients with investable assets exceeding $50,000.

"This outstanding achievement has helped ScotiaFunds maintain a leadership position in long-term net sales within the industry and reflects the continued confidence that investors and advisors have in our fund line-up," 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.

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 more than 70,000 employees, Scotiabank Group and its affiliates serve some 18.6 million customers in more than 50 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets above $526 billion (as at October 31, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

**Preliminary estimates: excludes Partners Portfolios and third-party fund sales. Source: IFIC.