TORONTO, ON -- (Marketwired) -- 11/21/14

Scotia Private Pools™ today announced portfolio advisor changes to Scotia Private International Equity Pool, Scotia Private International Core Equity Pool, and Scotia Private Strategic Balanced Pool (the "Pools"). 1832 Asset Management L.P. (the "Manager") is the manager of the Pools.

On February 2, 2015, Strategic Global Advisors, LLC ("SGA") is scheduled to become portfolio advisor for Scotia Private International Equity Pool, replacing the current portfolio advisor. Founded in 2005, SGA is an employee-owned company based in Newport Beach, California and manages approximately $888 million in assets on behalf of both institutions and private clients. SGA employs an investment process focused on integrating traditional analysis with proprietary quantitative tools across their international, global and domestic equity portfolios.

On February 2, 2015, 1832 Asset Management L.P. is scheduled to become portfolio advisor for Scotia Private International Core Equity Pool, replacing the current portfolio advisor. 1832 Asset Management L.P. is a Canadian asset management firm based in Toronto, Ontario. 1832 Asset Management L.P. is a manager of mutual funds and is a provider of investment solutions for private clients, institutions, and managed asset programs.

On February 2, 2015, Lincluden Investment Management ("Lincluden") is scheduled to become portfolio advisor for Scotia Private Strategic Balanced Pool, replacing the current portfolio advisor. Founded in 1982, Lincluden is an employee-owned boutique investment management firm and manages over $3 billion in assets for a variety of institutional and private clients. Lincluden employs a traditional, value-based investment principle across a range of equity, fixed income, and balanced portfolios.

The Manager uses a manager selection process that leverages the global research capabilities of investment management consultant, NT Global Advisors, Inc., a Northern Trust Corporation affiliate, in aiming to identify and evaluate best in class investment managers for Scotia Private Pools. SGA, 1832 Asset Management L.P. and Lincluden's strong track record and proven team of investment professionals join an already strong lineup of portfolio advisors to the Scotia Private Pools. There will be no change to the investment objective of the Pools as a result of the portfolio advisor changes.

The Manager referred the proposal to replace the current portfolio advisor of Scotia Private International Core Equity Pool with 1832 Asset Management L.P. to the pool's Independent Review Committee. The Independent Review Committee concluded that, in its view, the result of the portfolio advisor change is fair and reasonable to the pool. The portfolio management changes for the pools has also been approved by the board of directors of the Manager, and is subject to receipt of all other necessary approvals.

Scotia Private Pools are a family of investment pools managed by 1832 Asset Management L.P. and are available through ScotiaMcLeod®, a division of Scotia Capital Inc., which is wholly owned by Scotiabank, and Scotia Private Client Group®. Scotia Private Client Group consists of private client services offered by Scotiabank, The Bank of Nova Scotia Trust Company, 1832 Asset Management L.P., 1832 Asset Management U.S. Inc., ScotiaMcLeod Financial Services Inc., WaterStreet Family Offices®, a division of 1832 Asset Management L.P., and ScotiaMcLeod. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. Mutual funds are not guaranteed or insured by the Canada Deposit Insurance Corporation or any other government deposit insurer, their values change frequently and past performance may not be repeated.

About 1832 Asset Management L.P.
1832 Asset Management L.P. offers a range of wealth management solutions, including mutual funds, and investment solutions for private clients, institutional clients and managed asset programs. 1832 Asset Management L.P. is a limited partnership, the general partner of which is wholly owned by Scotiabank.

About Scotiabank
Scotiabank is a leading financial services provider in over 55 countries and Canada's most international bank. Through our team of more than 86,000 employees, Scotiabank and its affiliates offer a broad range of products and services, including personal and commercial banking, wealth management, corporate and investment banking to over 21 million customers. With assets of $792 billion (as at July 31, 2014), Scotiabank trades on the Toronto (TSX: BNS) and New York (NYSE: BNS) Exchanges. Scotiabank distributes the Bank's media releases using Marketwired. For more information please visit scotiabank.com.

For media inquiries please contact:
Devinder Lamsar
(416) 933-1171
Devinder.Lamsar@scotiabank.com