TORONTO, Aug. 27, 2013 /CNW/ - Scotia Asset Management L.P., as the trustee and manager of the ScotiaFunds, Pinnacle Portfolios and Scotia Private Pools, today announced that it has obtained regulatory and, at special meetings held on August 27, 2013 in Toronto, unitholder approval for its proposal to merge certain mutual funds.

The mergers will take effect after the close of business on September 13, 2013. They are as follows:

The mergers are the result of the manager's ongoing review of its fund lineup and are believed to be in the best interest of unitholders of the Terminating Funds. Unitholders are expected to benefit from the increased scale and operational efficiencies of the Continuing Funds. In all instances, the MER of the Continuing Funds are the same or lower than those of the Terminating Funds.

About Scotia Asset Management
Scotia Asset Management L.P. is a limited partnership the general partner of which is wholly owned by Scotiabank and is a manager of mutual funds and investment solutions for private clients, institutional clients and managed asset programs.

About Scotia Private Client Group
Scotia Private Client Group consists of private client services from Scotiabank, 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., a division of Scotia Asset Management L.P., 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 and is wholly owned by The Bank of Nova Scotia.

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 21 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 $743 billion (as at July 31, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

SOURCE Scotiabank