Scotiabank Announces Appointments to Accelerate Growth in its Wealth Management Business

    TORONTO, April 12 /CNW/ - Scotiabank Executive Vice President of Wealth
Management Barb Mason today announced three senior appointments with a mandate
to accelerate growth in the Bank's asset management business.
    Joining Scotiabank's Wealth Management unit are John Varao as President,
CEO and CIO of Scotia Cassels, Shane Jones as Managing Director of Canadian
Equities and Senior Portfolio Manager, Scotia Cassels, and John Kellett as
Senior Advisor to Mutual Fund Business Development.
    "Wealth Management is a key area of growth for Scotiabank and the proven
expertise of these three individuals will contribute immensely toward
achieving the strategic objective of expanding our asset management business,"
said Ms. Mason.
    Mr. Varao joins Scotiabank with 16 years of experience in asset
management and is regarded as one of the leading mutual fund managers in the
    "On behalf of Shane, John and myself, we are looking forward to joining a
great organization with a solid core team of investment professionals, a
proven track record of strong performance, a substantial asset base and
tremendous potential for growth," said Mr. Varao. "Working with our new
partners within wealth management and retail operations, I am excited to lead
the expansion of Scotia's asset management business for the benefit of both
the organization and its clients."
    Mr. Jones comes to Scotiabank with 20 years of experience in the
investment business and a record of strong performance while managing some of
the biggest income and dividend funds in Canada. "I am truly grateful to
Scotiabank for welcoming me to their already high quality asset management
team," said Mr. Jones. "I am pleased to continue my partnership with John
Varao, happy to renew my partnership with John Kellett and look forward to
building equally strong bonds with my new colleagues at Scotia Cassels."
    Mr. Kellett has 37 years of experience in the investment business and in
2003 was named Mutual Fund Manager of the Year by Investment Executive
Magazine. His experience and track-record of managing money has gained him
significant credibility among his peers throughout the investment industry.
Mr. Kellett will focus on delivering educational, sales and marketing support
to frontline teams in all distribution channels.
    "My main focus will be to support financial advisors directly at the
branch level in helping clients achieve their investment objectives," said Mr.
Kellett. "I look forward to combining my years of experience with Scotiabank's
great fund performance and proven excellence in customer service to deliver
continued growth."
    "Backed by the strong fund performance that we have already established,
additional resources are now being allocated toward marketing our compelling
story, and to providing related services to our partners and clients - both
internally and externally," concluded Ms. Mason. "We are thrilled to have
John, Shane and John join our team as we move even more pro-actively in that
strategic direction."

    Scotia Cassels Investment Counsel manages a combined $25 billion within
mutual funds, private client portfolios and institutional client portfolios.
The company is a wholly-owned subsidiary of the Scotiabank Group.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With over 57,000 employees, Scotiabank Group
and its affiliates serve approximately 12 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 $396 billion in assets (as at January 31, 2007), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit

For further information:

For further information: Frank Switzer, Scotiabank Public Affairs, (416)

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