TORONTO, April 1 /CNW/ - Scotia Asset Management L.P. today announced a portfolio advisor change to the Pinnacle American Value Equity Fund.

Effective on or about April 29, 2011, Herndon Capital Management, LLC (Herndon Capital) will become portfolio advisor for Pinnacle American Value Equity Fund, replacing the current portfolio advisor. Founded in 2001, Herndon (formerly Atlanta Life Investment Advisors, LLC) is an institutional investment management firm specializing in large capitalization equity strategies. The firm manages approximately $3.0 billion in total institutional client assets, with $2.2 billion in large cap value assets under management*, and each investment principal has an ownership stake in the firm.

Scotia Asset Management's rigorous manager selection process leverages the global research capabilities of our partner Northern Trust, in identifying and evaluating best in class investment managers for the Pinnacle Funds. Herndon Capital's strong track record of value investing and proven team of investment professionals joins an already strong lineup of portfolio advisors to the Pinnacle Funds. There will be no change to the investment objective of Pinnacle American Value Equity Fund as a result of the portfolio advisor change.

The Pinnacle Funds are a family of investment pools offered and managed by Scotia Asset Management L.P. and available exclusively through ScotiaMcLeod, a division of Scotia Capital Inc., a wholly-owned subsidiary of, and separate entity from, The Bank of Nova Scotia.

Scotia Asset Management L.P. is The Bank of Nova Scotia's wholly owned manager of investment solutions for private clients, institutional clients, managed asset programs and mutual funds.

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 $541 billion (as at January 31, 2011), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2010, Northern Trust had assets under custody of US$4.1 trillion, and assets under investment management of US$643.6 billion. For 121 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com.

* As at February 28, 2011.