The San Francisco investment bank of Hambrecht & Quist, known for taking companies public, is banking on that same line of business with its first open-end mutual fund.

The fund, the Hambrecht & Quist IPO Discovery Fund, is still in registration with the SEC. But, should it receive regulatory approval, it will join only one other pure IPO fund on the market. That fund, the IPO Fund, is run by Renaissance Capital Corp. of Greenwich, Conn., a company that has done research on IPOs for institutions since 1991.

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