Investor Confidence Rises in March by 15.1 Points to 120.1 —

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PRESS RELEASE / 3.31.15
Contact: Anne McNally
Telephone +1 617 664 8576
[email protected]
@StateStreet
Investor Confidence Rises in March by 15.1 Points to 120.1
BOSTON, March 31, 2015 — State Street Global Exchange today released the results of the State Street Investor
Confidence Index® (ICI) for March 2015.
The Global ICI increased to 120.1, up 15.1 points from February’s revised reading of 105.0. Confidence among
North American investors increased the most, with the North American ICI rising 30.0 points to 135.4, up from
February’s revised reading of 105.4. However, the European ICI fell by 1.6 points to 104.4 while the Asia ICI fell 4.0
points to 90.3.
The Investor Confidence Index was developed by Kenneth Froot and Paul O’Connell at State Street Associates,
State Street Global Exchange’s research and advisory services business. It measures investor confidence or risk
appetite quantitatively by analyzing the actual buying and selling patterns of institutional investors. The index
assigns a precise meaning to changes in investor risk appetite: the greater the percentage allocation to equities, the
higher risk appetite or confidence. A reading of 100 is neutral; it is the level at which investors are neither increasing
nor decreasing their long-term allocations to risky assets. The index differs from survey-based measures in that it is
based on the actual trades, as opposed to opinions, of institutional investors.
“We’ve been in a post-crisis regime characterized by diversification out of international equities and into safer asset
classes. However, given the continued liquidity provision from major central banks, institutions appear to be
developing renewed appetite for global equities,” commented Froot. “With reduced short-term interest rate forecasts
for 2015 and 2016 by the Federal Reserve and the commencement of sovereign quantitative easing by the
European Central Bank, North America investor sentiment increased the most. However, market sentiment, like the
Federal Reserve, will likely be highly data dependent over the next couple of months.”
“In contrast with the strong pick-up in North American sentiment, the European ICI declined,” added Jessica
Donohue, executive vice president and chief innovative officer, State Street Global Exchange. “Market participants
may still be concerned about any fallout from negotiations over Greek reforms. Moreover, growth concerns in China
may have led to the decline in the Asia ICI.”
PRESS RELEASE / 3.31.15
About the State Street Investor Confidence Index®
The index is released globally at 10 a.m. Eastern time in Boston on the last Tuesday of each month. More
information on the State Street Investor Confidence Index is available at http://www.statestreet.com/ideas/investorconfidence-index.html.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading provider of financial services to institutional
investors including investment servicing, investment management and investment research and trading. With $28.19
trillion in assets under custody and administration and $2.45 trillion* in assets under management as of December
31, 2014, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe,
the Middle East and Asia. For more information, visit State Street’s web site at www.statestreet.com.
*Assets under management include the assets of the SPDR® Gold ETF (approximately $27.3 billion as of December 31, 2014), for which State
Street Global Markets, LLC, an affiliate of SSgA, serves as the distribution agent.
The views expressed in this material are the views of State Street through the period ended March 31, 2015, 2015 and are subject to change
based on market and other conditions.
This news announcement contains forward-looking statements as defined by United States securities laws, including statements about the
financial outlook and business environment. Those statements are based on current expectations and involve a number of risks and
uncertainties, including those set forth in State Street's 2013 annual report and subsequent SEC filings. State Street encourages investors to
read the corporation's annual report, particularly the section on factors that may affect financial results, and its subsequent SEC filings for
additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking
statements contained in this press release speak only as of the date hereof, March 31, 2015 and the company will not undertake efforts to revise
those forward-looking statements to reflect events after this date.
CORP-1381
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