TORONTO, ON -- (Marketwired) -- 07/24/15

ScotiaFunds, managed by 1832 Asset Management L.P. (the "Manager"), today announced a portfolio advisor change to Scotia U.S. Low Volatility Equity LP (the "Fund").

Effective August 4, 2015, LSV Asset Management ("LSV") will become portfolio advisor to the Fund, replacing the former advisor. Formed in 1994, LSV is a quantitative value equity manager providing active management for institutional investors through the application of proprietary investment models. LSV manages approximately $90 billion in value equity portfolios for approximately 350 clients as of March 31, 2015.

The Manager uses a portfolio advisor 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.

Earlier this month, the former portfolio advisor ceased servicing the Fund. The Manager assumed full portfolio advisor responsibility and will continue to do so until LSV's appointment is effective.

ScotiaFunds are available through Scotia Securities Inc. and from other dealers and advisors, including ScotiaMcLeod and Scotia iTRADE, which are divisions of Scotia Capital Inc. Scotia Securities Inc. and Scotia Capital Inc. are wholly owned by The Bank of Nova Scotia. 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 Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. We are dedicated to helping our 21 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 86,000 employees and assets of $837 billion (as at April 30, 2015), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank's media releases using Marketwired. For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankNews.

For media enquiries only:

Devinder Lamsar
Public and Corporate Affairs
Scotiabank
(416) 933-1171
devinder.lamsar@scotiabank.com