Scotia Private Client Group Announces Two New Portfolios and Five New
Investment Solutions for High Net Worth Clients

TORONTO, Oct. 12 /CNW/ - Scotia Private Client Group today announced the launch of two new portfolios and five new investment solutions for high net worth clients designed to deliver a broader set of investment alternatives to meet a variety of investor objectives. These solutions will provide additional opportunities for high net worth clients in short term and high yield fixed income investments, U.S. mid cap growth and value and emerging markets investments.

"As financial markets around the world continue to recover from the recent global financial crisis, Canadian investors continue to balance a shift to more conservative investment solutions with reasonable opportunities for growth," said Tuula Jalasjaa, Managing Director and Head, Investment Management Distribution, Scotia Private Client Group. "At Scotia Private Client Group, these new offerings will form part of an already strong base of discretionary customized solutions for our high net worth clients whether they are Canadian-focused, internationally-focused or both."

Under the management of Scotia Asset Management, Scotia Private Client Group will include a new fixed income portfolio as well as a new equity portfolio that will include the five new investment solutions. The fixed income portfolio will meet the needs of more conservative investors who are concerned about volatility and capital preservation. The equity portfolio is Canadian-focused, but will include greater geographic and sector diversification.

"The new portfolios and investment strategies are an important expansion of our customized solutions for our high net worth clients, and we are pleased to partner with Guardian Capital LP, TCW Investment Management Company, Integrity Asset Management LLC and Trilogy Global Advisors, who bring an impressive track record and wealth of experience in these investments," concluded Ms. Jalasjaa.

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., and ScotiaMcLeod, a division of Scotia Capital Inc., all members of the Scotiabank Group. Scotia Capital Inc. is a member of CIPF. For more information, please visit www.scotiaprivateclientgroup.com.

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. Scotia Asset Management L.P. is wholly-owned, directly and indirectly, by The Bank of Nova Scotia.

About Scotiabank

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With close to 70,000 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 $523 billion in assets (as at July 31, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

For further information: Patty Stathokostas, Scotiabank Public Affairs, [phone], [email protected]