38. Transactions for the account of third parties
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As of December 31, 2011, 2010 and 2009, the details of the most significant items under this heading are as follows:
| Transactions on Behalf of Third Parties | Millions of Euros | ||
|---|---|---|---|
| 2011 | 2010 | 2009 | |
| Financial instruments entrusted by third parties | 540,519 | 534,243 | 530,109 |
| Conditional bills and other securities received for collection | 6,681 | 4,256 | 4,428 |
| Securities received in credit | 2,303 | 999 | 489 |
As of December 31, 2011, 2010 and 2009, the off-balance sheet customer funds managed by the BBVA Group are as follows:
| Off-Balance Sheet Customer Funds by Type | Millions of Euros | ||
|---|---|---|---|
| 2011 | 2010 | 2009 | |
| Commercialized by the Group |
|
|
|
| Investment companies and mutual funds | 43,134 | 41,006 | 39,849 |
| Pension funds | 73,783 | 72,598 | 57,264 |
| Customer portfolios managed on a discretionary basis | 26,349 | 25,435 | 26,501 |
| Of which: |
|
|
|
| Portfolios managed on a discretionary | 11,179 | 10,494 | 10,757 |
| Commercialized by the Group managed by third parties outside the Group |
|
|
|
| Investment companies and mutual funds | 50 | 76 | 85 |
| Pension funds | 17 | 21 | 24 |
| Total | 143,333 | 139,136 | 123,723 |