TORONTO, Oct. 25, 2012 /CNW/ - Scotia Asset Management L.P. ("SAM"), as the trustee and manager of Scotia Private Cyclical Opportunities Pool (the "Fund"), announced today that the Fund will be terminated on or about December 31, 2012. Effective immediately, the Fund has ceased distributing its units.

Fund holdings may be redeemed or switched on or prior to the termination date. For unitholders in the Fund with a discretionary portfolio manager at SAM, their portfolio manager will redeem their investment prior to the closing date and pay the proceeds of the redemption to their account on their behalf. The portfolio manager will then reinvest such proceeds in a manner consistent with the client's portfolio objective. Any remaining unitholders will have their units redeemed and the redemption proceeds will be paid out to the unitholder's account. No fees or charges will be applied to unitholders upon redemption of their units or the termination of the Fund.

Unitholders are encouraged to speak with their portfolio managers to discuss their investment options. Consistent with our commitment to meeting our investors' ongoing needs, a range of alternative investment options are available that achieve the same investment objective as the Fund.

About Scotia Asset Management
The Scotia Private Pools are a family of investment pools offered and managed by Scotia Asset Management L.P. and are selectively available through Scotia Private Client Group. 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.

About Scotia Private Client Group
Scotia Private Client Group helps affluent clients become financially better off by helping them build, preserve and transfer their wealth. Scotia Private Client Group creates integrated and personalized wealth management strategies that incorporate investment management, estate and trust services and private banking.

Scotia Private Client Group consists of private client services from The Bank of Nova Scotia, The Bank of Nova Scotia Trust Company, Scotia Asset Management L.P., Scotia Asset Management U.S. Inc., Scotia McLeod Financial Services Inc., WaterStreet Family Capital Counsel Inc., and ScotiaMcLeod, a division of Scotia Capital Inc. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. For more information, please visit www.scotiaprivateclientgroup.com

About Scotiabank

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 81,000 employees, Scotiabank 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 of $670 billion (as at July 31, 2012), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

SOURCE: Scotiabank