TORONTO, July 30, 2013 /CNW/ - Scotia Private Client Group today announced the launch of Scotia Long Short Equity Fund, the first alternative investment solution available through its Private Investment Counsel. The new fund provides accredited investors with the ability to limit downside risk and volatility while participating in the upside potential of equity markets.

"In today's ever-changing environment, Scotia Private Client Group continues to strategically expand our investment platform to meet the needs of high net worth investors, said Richard McIntyre, Managing Director and Head, Scotia Private Client Group. "We are pleased to provide this new investment solution to eligible clients. The addition of alternative investments underscores our commitment to continually look for innovative strategies to help meet our clients' evolving needs, which include a focus on risk management and capital preservation."

Scotia Long Short Equity Fund is sub-advised by Noah Blackstein, Vice President & Portfolio Manager at GCIC Ltd. Mr. Blackstein's investment history began in 1994 and since that time he has established himself as one of the premier U.S. and global growth fund managers, a reputation that is further strengthened by a seventeen-year track record of success and numerous industry awards.

With over a decade of experience managing a long/short strategy, Noah employs a conservative approach to long/short investing with a focus on providing absolute returns while protecting capital. He utilizes a fundamental, bottom-up approach to uncover investment opportunities on both the long and short side of the portfolio. Through active management and controlled market exposure, the fund aims to generate an enhanced risk-adjusted return regardless of the overall direction of the market.

"As part of a diversified portfolio, alternative investments have historically demonstrated the ability to lower downside risk while providing more consistent absolute returns," says Wes Mills, Chief Investment Officer, Scotia Asset Management L.P. "The new fund is an example of our growing efforts to integrate alternative investments into portfolio construction and asset allocation."

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 Scotia Asset Management
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 Scotiabank
Scotiabank is a leading multinational financial services provider and Canada's most international bank. With more than 83,000 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. In December 2012, Scotiabank became the first Canadian bank to be named Global Bank of the Year and Bank of the Year in the Americas by The Banker magazine, a Financial Times publication. With assets of $754 billion (as at April 30, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

SOURCE Scotiabank