San Francisco retells the growth story

US smaller-cap growth companies lost much of their investment banking support after the tech boom collapsed in 2000. But three firms with a solid research base and San Francisco roots are working hard to fill the gap. Antony Currie reports.

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Ford, Curhan and Merriman

ONE IS ABOUT to participate in its first lead-managed initial public offering. A second can point to a better flow of deals done. Another can reel off a longer list of IPOs and M&A mandates already under its belt. And all insist that research is crucial to its franchise. None has been in existence for longer than five years, each has started to expand out of San Francisco, and all are profitable.

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