The firm said it intends to raise over £100 million (about $160 million) for the BlackRock North American Income Trust, which will be managed by BlackRock’s US-based $37 billion equity income team, led by Bob Shearer and Kathleen Anderson.

BRNAIT will target an annualised dividend yield of 4 per cent, paid quarterly in sterling and net of fees. It aims to outperform the Russell 1000 Value Index on a total return basis.  

“US equities are currently trading at attractive valuations and offer the potential for long-term stable income yields,” the firm said in a statement. “The cash US companies are generating today is at high levels, suggesting equities are inexpensive and attractive in yield terms as compared with government and corporate bonds.”

BlackRock's assets under management totalled $3.56 trillion at end June.