Scotia Asset Management L.P. Announces a Portfolio Advisor Change

TORONTO, July 20 /CNW/ - Scotia Asset Management L.P. today announced a portfolio advisor change to one of its funds.

Effective August 30, 2010, Hermes Sourcecap Limited (Hermes Sourcecap) will become portfolio advisor for Scotia European Fund, replacing the current portfolio advisor. Founded in 2006, Hermes Sourcecap is a boutique asset management company based in London specializing in managing high-alpha, unconstrained European equity portfolios for institutional clients. Hermes Sourcecap manages approximately $1.2 billion in assets* and is part of Hermes Fund Managers Ltd., a multi boutique asset manager, which has $40 billion in assets(xx) and is 100 per cent owned by the BT Pension Scheme, the largest corporate pension fund in the United Kingdom.

Hermes Sourcecap will join ScotiaFunds' already strong lineup of portfolio advisors. There will be no change to the investment objective of Scotia European Fund as a result of the portfolio advisor change.

Under the ScotiaFunds name, Scotia Asset Management L.P. provides a broad range of 33 mutual funds and 21 professionally managed portfolios. ScotiaFunds are available from Scotia Securities Inc., through domestic Scotiabank branches, ScotiaMcLeod Direct Investing, ScotiaMcLeod, as well as leading investment dealers, independent brokers, advisors and financial planners. ScotiaMcLeod and ScotiaMcLeod Direct Investing are divisions of Scotia Capital Inc. Member CIPF.

Scotia Asset Management L.P. is wholly-owned, directly and indirectly, by The Bank of Nova Scotia. Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With close to 68,000 employees, Scotiabank Group and its affiliates serve approximately 14.6 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With more than $526 billion in assets (as at April 30, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

* As at March 31, 2010.

(xx) As at March 31, 2010.

For further information: Patty Stathokostas, Scotiabank Public Affairs, 416-866-3625, [email protected]