BlackRock income trust falls short of £100m fundraising target

The BlackRock North American Income trust has raised £65m in its initial offer period and plans to issue further equity in the near future, after undershooting its £100m target.

The trust, which will be managed by BlackRock's US equity income team headed by Bob Shearer and Kathleen Anderson, raised £65m "predominately from institutions and wealth managers", the company said. However, it has missed its initial target, after BlackRock said last month it intended to raise "in excess of £100m" for the trust. "It is a tremendous achievement to raise the fund and bring BRNAIT to market set against current low equity volumes and the uncertainty around the looming US election," said Jonathan Ruck Keene, chairman of BlackRock's specialist client group. "Following t...