An investment management arm of Donaldson, Lufkin & Jenrette is rolling out two new limited partnerships available to its trust clients.

Wood, Struthers & Winthrop, a DLJ subsidiary, is offering the WSW Exchange Fund and the WSW 1996 Buyout Fund for private clients at its Winthrop Trust Co. subsidiary.

WSW Exchange Fund gives clients a way to avoid capital gains tax on low- cost securities they may be holding.

Clients contribute their low-cost positions in marketable securities to the fund. The limited partnership closes on Dec. 21 and has already attracted $100 million of capital.

In addition to appeasing tax concerns, the fund offers diversification. At the end of five years, limited partners receive back interests in all the contributed securities on a pro rata basis.

The WSW 1996 Buyout Fund, set to close in February, offers noninstitutional clients access to three leveraged buyout managers.

Both funds were created by WSW Capital Inc., which along with Winthrop Trust, is a subsidiary of Wood Struthers. Mr. Waltman said the trust group is one of three distribution channels for the funds. They also are marketed to Wood Struthers and DLJ brokerage clients.

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