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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
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