AcenciA Debt Strategies, a company specialising in debt-oriented hedge funds, plans to raise up to £60 million (€88.4 million) when it floats on the Irish Stock Exchange next month.

The company, which is managed by a British-based private wealth management group, Saltus, plans to invest primarily in US dollar-denominated assets, although its shares will be in sterling.

It aims to pay an annual dividend of two-thirds of total returns, capped at 3.5 per cent of net asset value.

Its investment adviser will be US-based Sandalwood Securities, an SEC-registered adviser which currently manages around $925 million (€763 million) in hedge fund investments.

Although AcenciA is targeted at English investors, it opted for an Irish listing because of a rule on the London stock exchange prohibiting payments of dividends out of realised capital gains.

According to Jon Macintosh of Saltus, the ISE had no such prohibition, allowing the company to become the first of its sort to offer a dividend. Of the ISE, he also said: "It was user-friendly, quick and didn't charge a fortune."

As well as being listed in Ireland, AcenciA Debt Strategies will also be quoted on the London Stock Exchange, a move that has been facilitated by the recent launch of the EU prospectus directive.

Under the new rules, once a company has had its listing document approved by the financial regulator in its home country, it can move anywhere throughout Europe without submitting it for reapproval.

AcenciA expects trading on both exchanges to being on November 24th.