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, Thornburg Investment Management, Inc. (Thornburg) will become sub-advisor for Scotia International Equity Fund Manager Class units (the "Fund"). Scotia Asset Management L.P. will remain the portfolio advisor for the Fund. Established in 1982, Thornburg is an employee-owned investment management company headquartered in Santa Fe, New Mexico. The firm manages equity, bond and separately-managed portfolios for select institutions and individuals totaling approximately $57 billion* in assets under management.

Appointed portfolio advisor to Scotia Global Opportunities Fund in April 2007, Thornburg continues to strengthen its relationship with Scotia Asset Management through this new partnership. There will be no change to the investment objective of the 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 Manager Class units are available to investors who have signed a discretionary investment management agreement with Scotia Asset Management L.P. or ScotiaTrust.

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.

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