TORONTO, Dec. 6, 2011 /CNW/ - Scotia Asset Management L.P. today announced a portfolio advisor change to Scotia Private Global Real Estate Pool.

Effective on or about December 28, 2011, CBRE Clarion Securities, LLC (CBRE Clarion) will become portfolio advisor for Scotia Private Global Real Estate Pool, replacing the current portfolio advisor. CBRE Clarion is a registered investment advisory firm specializing in the management of global listed securities for both institutional and individual investors. Headquartered near Philadelphia, Pennsylvania, the firm manages approximately $20 billion in assets and has over 80 employees located in offices in the United States, United Kingdom, Hong Kong, Japan and Australia.

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. CBRE Clarion's strong track record of investing in global real estate securities and proven team of experienced professionals joins an already strong lineup of portfolio advisors. There will be no change to the investment objective of Scotia Private Global Real Estate Pool as a result of the portfolio advisor change.

Scotia Private Pools are a suite of investment pools offered and managed by Scotia Asset Management L.P. The global real estate mandate is available through the Pinnacle Program, a managed asset program 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 wholly-owned, directly and indirectly, by The Bank of Nova Scotia and is a manager of investment solutions for private clients, institutional clients, managed asset programs and mutual funds.

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 75,000 employees, Scotiabank Group and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets above $575 billion (as at October 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 September 30, 2011, Northern Trust had assets under custody of US$4.2 trillion, and assets under investment management of US$644.2 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.