TORONTO, ON--(Marketwired - February 04, 2014) - Scotia Private Client Group announced today the launch of Scotia Floating Rate Income Fund -- Series M and Scotia Mortgage Income Fund -- Series M, available through Private Investment Counsel. The funds are intended for clients who are looking for lower volatility and a greater degree of capital preservation when compared to more traditional bond funds. 1832 Asset Management L.P. is the manager of the funds.
"At Scotia Private Client Group we continue to put a strong emphasis on evolving our investment platform so that we have the right tools to deliver well-crafted client portfolios in varying economic and interest rate environments," said Mario Causarano, Managing Director, Private Investment Counsel, Scotia Private Client Group. "The new additions will help broaden our fixed income offering and provide our clients with additional strategies to help manage interest rate risk and preserve capital."
Scotia Floating Rate Income Fund is managed by Marc-André Gaudreau, Vice President and Portfolio Manager at 1832 Asset Management L.P. The fund seeks to provide interest income and protect against the effects of interest rate fluctuations by investing in North American investment grade, short-term corporate bonds and floating rate notes. The fund may enter into interest rate swaps to minimize interest rate risk and deliver a floating rate of income.
Scotia Mortgage Income Fund is managed by Kevin Pye, Vice President and Portfolio Manager at 1832 Asset Management L.P. The fund provides exposure to a specialty asset class by holding primarily high quality mortgages on residential properties in Canada. It seeks to provide regular interest income and is focused on investing in short term mortgages, which provide the potential for less sensitivity to interest rate changes.
"With the prospect of further interest rate increases, incorporating these two funds into a fixed income portfolio may provide attractive total return potential while maintaining defensive portfolio characteristics," said Wes Mills, Chief Investment Officer, Scotia Private Client Group. "The funds are part of our strategic effort at Scotia Private Client Group to introduce specialty fixed income solutions intended to better manage interest rate sensitivity and preserve capital in client portfolios, while maintaining an adequate level of income."
About Scotia Private Client Group
Scotia Private Client Group helps affluent clients build, preserve and transfer their wealth by offering 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 offered by The Bank of Nova Scotia, 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, a division of Scotia Capital Inc. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.
About 1832 Asset Management L.P.
1832 Asset Management L.P. offers a range of wealth management solutions, including mutual funds, 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.
Scotiabank is a leading financial services provider in over 55 countries and Canada's most international bank. Through our team of more than 83,000 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 $744 billion (as at October 31, 2013), 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.