Investor confidence rose in July-State Street

LONDON, July 22 (Reuters) - Institutional investor confidence rose in July, mainly on the back of improved sentiment in Asia, State Street said on Tuesday.

The U.S. financial services giant said its global State Street Investor Confidence Index rose to 82.6 in July from a downwardly revised 79.0 in June, previously reported as 81.4.

"Despite the market turmoil of the recent weeks, particularly in the financial sector, institutional investors perceive some value at current price levels," said Ken Froot, the Harvard University professor who co-developed the index.

He said there was a willingness to take risk to capture value.

There was, however, regional variation.

Asian investor confidence increased to 82.9 from a downwardly revised 74.4, previously 79.4.

By contrast, European investor confidence fell to 80.5 from a downwardly revised 81.4, previously 81.6, and North American investor confidence dropped sharply to 84.7 from 91.6, upwardly revised from 85.2. State Street compiles its indexes from movements in more than $15 trillion of assets it holds as custodian for institutional investors and $1.9 trillion it manages globally. (Reporting by Jeremy Gaunt, editing by Mike Peacock)