Scotia Private Client Group has launched Scotia Long Short Equity Fund, the first alternative investment solution available through its Private Investment Counsel.

The new fund will provide accredited investors with the ability to limit downside risk and volatility while participating in the upside potential of equity markets.

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Scotia Long Short Equity Fund is sub-advised by Noah Blackstein, Vice President & Portfolio Manager at GCIC Ltd.

Richard McIntyre, Managing Director and Head, Scotia Private Client Group, said: "In today’s ever-changing environment, Scotia Private Client Group continues to strategically expand our investment platform to meet the needs of high net worth investors. The addition of alternative investments underscores our commitment to continually look for innovative strategies to help meet our clients’ evolving needs, which include a focus on risk management and capital preservation."

Blackstein’s investment history began in 1994 and with over a decade of experience managing a long/short strategy, he employs a conservative approach to long/short investing with a focus on providing absolute returns while protecting capital.

Blackstein utilizes a fundamental, bottom-up approach to uncover investment opportunities on both the long and short side of the portfolio. Through active management and controlled market exposure, the fund aims to generate an enhanced risk-adjusted return regardless of the overall direction of the market.

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Wes Mills, chief investment officer, Scotia Asset Management L.P, said: "As part of a diversified portfolio, alternative investments have historically demonstrated the ability to lower downside risk while providing more consistent absolute returns. The new fund is an example of our growing efforts to integrate alternative investments into portfolio construction and asset allocation."