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

TORONTO, Dec. 8 /CNW/ - Scotia Asset Management L.P. today announced a portfolio advisor change to Scotia US Value Fund.

Effective on or about December 31, 2010, Goodman & Company, Investment Counsel Ltd. (Goodman & Company) will become portfolio advisor to Scotia US Value Fund. The Fund, with approximately $88 million in assets under management as of November 30^th, 2010, will be managed by Goodman & Company Vice-President and Portfolio Manager David L. Fingold.

Goodman & Company is a Canadian asset management company with more than 50 years of history. The firm offers an extensive range of wealth management solutions including mutual funds, hedge funds, portfolio solutions and flow-through limited partnerships for retail investors, high net worth individuals and institutions. Goodman & Company is a wholly owned subsidiary of DundeeWealth Inc., which has $45.9 billion in assets under management.

"We are thrilled to partner with Goodman & Company. Goodman & Company is a strategic addition to ScotiaFunds' already strong line up of portfolio advisors," noted Glen Gowland, Chief Executive Officer of Scotia Asset Management.  "A number of Goodman & Company mandates have been a part of our Partners Program since June 2008 so the strength of their investment capabilities is well known to us. We are pleased to be able to extend this capability to Scotia US Value Fund unitholders."

"We are delighted to have the opportunity to apply our award-winning contrarian approach to stock picking in the management of Scotia US Value Fund," said Mr. Fingold.

There will be no change to the investment objective of the Fund as a result of the portfolio advisor change.

About Scotia Asset Management

Under the ScotiaFunds name, Scotia Asset Management L.P. provides a broad range of 36 mutual funds and 22 professionally managed portfolios. ScotiaFunds are available from Scotia Securities Inc., through Canadian Scotiabank branches, ScotiaMcLeod Direct Investing, ScotiaMcLeod, as well as leading investment dealers, independent brokers, advisors and financial planners.

About Scotiabank

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 70,000 employees, Scotiabank Group and its affiliates serve some 18.6 million customers in more than 50 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets above $526 billion (as at October 31, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

For further information:

Ann DeRabbie, Director, Media Communications, Scotiabank 416 933-1344 or [email protected]