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Other investments
 6 Months Ended
Jun. 30, 2020
Other investments
16 Other investments
end of 2Q20 1Q20 4Q19
Other investments (CHF million)
Equity method investments 2,874 2,994 2,367
Equity securities (without a readily determinable fair value)  1 1,823 1,689 2,148
   of which at net asset value   357 344 409
   of which at measurement alternative   387 243 274
   of which at fair value   1,047 1,070 1,434
   of which at cost less impairment   32 32 31
Real estate held-for-investment  2 84 89 99
Life finance instruments  3 1,067 1,086 1,052
Total other investments 5,848 5,858 5,666
1
Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Group has neither significant influence nor control over the investee.
2
As of the end of 2Q20, 1Q20 and 4Q19, real estate held for investment included foreclosed or repossessed real estate of CHF  16 million, CHF  14 million and CHF  24 million, respectively, of which CHF  11 million, CHF  10 million and CHF  10 million, respectively, were related to residential real estate.
3
Includes single premium immediate annuity contracts.
Equity securities at measurement alternative
in / end of 6M20 Cumulative 6M19
Impairments and adjustments (CHF million)    
Impairments and downward adjustments (3) (11) 0
Upward adjustments 137 148 11
> Refer to “Note 30 – Financial instruments” for further information on equity securities without a readily determinable fair value.
In 2Q20, as a result of a corporate action by Pfandbriefbank, the Group has revalued the shares it holds in Pfandbriefbank under the measurement alternative principle in accordance with US GAAP in respect of this equity investment. This resulted in a gain before taxes of CHF  134 million.
Following the completion of the first step of the combination of our open architecture investment fund platform InvestLab and Allfunds Group in September 2019, the Group successfully completed the second and final step of the combination in March 2020 with the transfer of related distribution agreements to Allfunds Group. Upon completion of this final step, the Group has become an 18% shareholder in the combined business and will be represented on the board of directors.
Accumulated depreciation related to real estate held-for-investment amounted to CHF  33 million, CHF  34 million and CHF  34 million for 2Q20, 1Q20 and 4Q19, respectively.
An impairment of CHF  1 million was recorded on real estate held-for-investments in 2Q20 and 6M20. No impairments were recorded on real estate held-for-investments in 1Q20, 2Q19 and 6M19, respectively.
Bank  
Other investments
15 Other investments
end of 6M20 2019
Other investments (CHF million)    
Equity method investments 2,868 2,361
Equity securities (without a readily determinable fair value)  1 1,819 2,145
   of which at net asset value   355 407
   of which at measurement alternative   385 272
   of which at fair value   1,047 1,434
   of which at cost less impairment   32 32
Real estate held-for-investment  2 60 76
Life finance instruments  3 1,067 1,052
Total other investments   5,814 5,634
1
Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Bank has neither significant influence nor control over the investee.
2
As of the end of 6M20 and 2019, real estate held for investment included foreclosed or repossessed real estate of CHF  16 million and CHF  24 million, respecitvely, of which CHF  11 million and CHF  10 million, respecively were related to residential real estate.
3
Includes single premium immediate annuity contracts.
Equity securities at measurement alternative – impairments and adjustments
in / end of 6M20 Cumulative 6M19
Impairments and adjustments (CHF million)    
Impairments and downward adjustments (3) (11) 0
Upward adjustments 137 148 11
> Refer to “Note 29 – Financial instruments” for further information on equity securities without a readily determinable fair value.
In 2Q20, as a result of a corporate action by Pfandbriefbank, the Bank has revalued the shares it holds in Pfandbriefbank under the measurement alternative principle in accordance with US GAAP in respect of this equity investment. This resulted in a gain before taxes of CHF  134 million.
Following the completion of the first step of the combination of our open architecture investment fund platform InvestLab and Allfunds Group in September 2019, the Group successfully completed the second and final step of the combination in March 2020 with the transfer of related distribution agreements to Allfunds Group. Upon completion of this final step, the Bank has become an 18% shareholder in the combined business and will be represented on the board of directors.
Accumulated depreciation related to real estate held-for-investment amounted to CHF  29 million for both 6M20 and 2019.
An impairment of CHF  1 million was recorded on real estate held-for-investments in 6M20, while no impairment was recorded in 6M19.