The fund is run by the firm’s New York subsidiary ClearBridge Advisors and mirrors the $4bn US Equity Income Builder Fund run for domestic investors across the pond.
Hersh Cohen, CIO of the company, manages the fund alongside Michael Clarfeld and Peter Vanderlee.
It will invest in companies over $3bn in market cap and targets a yield between 1% and 1.5% above its benchmark – the Russell 3000 Value index.
Analysts at Bestinvest said: "Income portfolios have traditionally focused on the UK, but with companies throughout the world now realising the importance of paying dividends there are increasing opportunities for investors to diversify internationally.
"However, there are still very few US income funds available – if one of them can prove itself, it will fill a vital hole in investors’ portfolios."
Meanwhile, Sheridan Admans, investment research manager at The Share Centre, said the potential quality of many of the underlying companies in the fund was high, with names such as Exxon Mobil, Proctor & Gamble and Microsoft often featuring in the US element of an equity income portfolio.
He added: "There are a number of key reasons why this region is becoming an attractive proposition. US corporate balance sheets for many companies are in the strongest state they have been for many years, which has led to increasing rewards for shareholders through dividend payments rather than initiating share buyback schemes."
Since the beginning of this year 117 S&P 500 companies have initiated or raised dividends, changes to US taxation rules have also made the return of capital through dividends a more attractive proposition.
Admans concludes: "For those looking to diversify their portfolio geographically, this may well be a region of interest. Alternatively, for those venturing outside of the UK for the first time, they may find a global equity income fund more appealing.
“However, it is worth noting that it is highly likely a significant proportion of the underlying holdings of a global equity income fund will be exposed to the US."
