(December 18 – 11:40 ET) – Bank of Nova Scotia is launching the Scotia Young Investors Fund, a unique mutual fund designed with young Canadians in mind.

The fund invests in medium and large size companies around the world recognized by young people such as entertainment and retail merchandising companies.

According to the bank, the fund also offers adults opening an account in trust for children more choice and it is a great addition to include in an RESP.

“We want young investors to realize that they can do more than own the video game, they can own the video game company,” said Karen Fisher, president and CEO of Scotia Securities Inc. and head of Mutual Funds and Managed Assets. “Mutual funds are an excellent way for parents, grandparents and friends to introduce young Canadians to investments by opening an account in trust for them. We want to provide them with the potential for long term growth while helping to educate young people about investing and personal finances.”

“The Scotia Young Investors Fund is a unique product in the Canadian marketplace and we believe it will prove of significant interest to investors of all ages,” said Karen Coll, vice president, Scotia Cassels and the fund’s portfolio manager. “This is a great way of introducing young investors to investing. If the fund invests in companies they know and like, it is much easier — and more fun — for them to learn the fundamentals about investing in mutual funds.”

To help young investors kick off their mutual fund portfolio, the fund has a low initial investment of $100. To make investing affordable for young people, investors can make contributions as low as $25 a month. As part of the education component, Scotiabank plans to develop educational materials to help young investors further understand the world of mutual funds and investing.

Scotiabank has also launched the new Scotia Nasdaq Index Fund. This fund will track the performance of the Nasdaq 100 Index while maintaining 100% RRSP eligibility. “This fund offers our customers the ability to get broad exposure to some of the world’s leading new economy and technology companies and complements our other Index funds,” added Fisher.

The Scotia Young Investors’ Fund and the Scotia Nasdaq Index Fund will be managed by Scotia Cassels Investment Counsel Ltd.
-IE Staff