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4020 Assets under ManagementIn CHF million 30.06.2008 31.12.2007On-balance-sheet assetsCash and cash equivalents 8 492 4 555Derivatives 1 194 463Financial assets at fair value through profit or loss 17 658 19 399Debt securities available for sale 54 744 54 750Money market instruments and loans available for sale 61 21Equity securities available for sale 3 535 6 216Investment funds available for sale 1 758 1 849Private equity available for sale 150 113Hedge funds available for sale 5 022 5 638Other financial assets available for sale 2 1Loans 19 036 20 652Financial assets held to maturity 3 232 3 624Investment property 12 458 12 252Investments in associates 101 72Total on-balance-sheet assets 127 443 129 605Fair value adjustments of assets reported at amortised costFinancial assets held to maturity –127 –49Loans –558 –244Third-party off-balance-sheet assets 10 611 9 634Total assets under control 137 369 138 946Minus externally managed on-balance-sheet assetsAssets under unit-linked/private placement life insurance business –9 418 –9 991Externally managed alternative investments –5 469 –6 107Externally managed other assets –867 –1 681Total assets under management 121 615 121 167Assets under control are taken to comprise:– assets stated as investments in the balance sheet and cash and cash equivalents– assets included in the balance sheet for the account and risk of the Swiss Life Group’s customers(separate account/unit-linked investments, private placement life insurance)– assets managed for third parties by the GroupFor the purposes of determining assets under management, assets managed by third parties and alternative investmentsmanaged by third parties have been deducted from assets under control.