TORONTO, Nov. 28, 2012 /CNW/ - Scotia Asset Management L.P. announced today the launch of six new mutual funds, including four new core mandates to Scotia Corporate Class Funds and two new mutual fund trusts to ScotiaFunds, to build on the success of its popular managed asset and dividend solutions.

"When we launched the Scotia Corporate Class Fund structure in May 2012, we took a unique approach by offering a small number of core products," said Neil Macdonald, Chief Executive Officer, Scotia Asset Management L.P. "We have realized tremendous initial momentum with over $400 million in assets to date and are carefully building on the early success of this tax smart solution with the launch of four asset class bundles."

Scotia Corporate Blend Class Funds
The four new bundles are Scotia Fixed Income Blend Class, Scotia Canadian Equity Blend Class, Scotia U.S. Equity Blend Class and Scotia International Equity Blend Class.  These new funds provide shareholders of Scotia Corporate Class Inc., the mutual fund corporation offering the Scotia Corporate Class Funds, with more choice for non-registered assets and add further depth and breadth to the corporation. Each new fund is comprised of a diversified mix of mutual funds from a single asset class using ScotiaFunds, Dynamic Funds, Scotia Private Pools and CI Investments.

Mr. Macdonald then said, "These new tax-efficient options combine the complementary portfolio management expertise of some of Canada's leading investment organizations into four bundles within a single corporate class structure."

Scotia Selected Income Portfolio & Scotia U.S. Dividend Fund
"In addition to the focus on tax-efficient returns, Canadian investors are embracing more conservative investment solutions that offer the opportunity for capital appreciation and income potential with less downside risk," added Mr. Macdonald. "Scotia Selected Income Portfolio and Scotia U.S. Dividend Fund, the two new mutual fund trusts launched today, are the latest additions to an already strong base of core ScotiaFund investment solutions."

Scotia Selected Income Portfolio expands on the success of Scotia Selected Portfolios, which has combined assets under management exceeding $2.1 billion.  Scotia Selected Portfolios strategically combine the best of ScotiaFunds, Dynamic Funds and CI Investments, into powerful portfolio combinations. The new income-focused mandate targets a 75 per cent allocation to income-yielding investments, which includes allocations to corporate and high yield bonds, real estate and infrastructure investments.

A U.S.-focused take on the successful Scotia Canadian Dividend Fund, Scotia U.S. Dividend Fund is managed by Alan Radlo, portfolio manager and Chief Investment Officer of CI Global Investments Inc., a wholly owned subsidiary of CI Investments Inc., the sub-advisor to the fund and one of Canada's most respected investment management firms.  Mr. Radlo has 28 years of experience in the investment industry and a successful track record in managing U.S. equity portfolios.

About Scotia Asset Management

Scotia Asset Management L.P. manages investment solutions for private clients, institutional clients, managed asset programs and mutual funds.  Under the ScotiaFunds® brand, Scotia Asset Management L.P. provides a broad range of 58 mutual funds and 28 professionally managed portfolios.  ScotiaFunds are managed by Scotia Asset Management L.P., a limited partnership wholly-owned directly and indirectly by The Bank of Nova Scotia.  ScotiaFunds are available through Scotia Securities Inc., and from other dealers and advisors including ScotiaMcLeod® and Scotia iTRADE® which are divisions of Scotia Capital Inc. (member Canadian Investor Protection Fund).  Scotia Securities Inc. and Scotia Capital Inc. are corporate entities separate from, although wholly owned by, The Bank of Nova Scotia.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

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