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* The Eu65m IPO of United Medical Systems was priced at the top of the Eu21-Eu24 range this week. The WestLB-led deal was well oversubscribed, and closed the first day of trading on Monday at Eu26.7, up 11% from the issue price. Of the 2.4m shares issued, 13% were allocated to retail investors. More than 50% went to German institutions, and the rest to institutions in the UK, the US, Switzerland and France. A greenshoe of 300,000 shares remains.

Moody's Risk Management Services (MRMS) has hired Greg Gupton from JP Morgan as a senior analyst to lead a research team studying losses resulting from corporate defaults. During his 14 year career at JP Morgan, Gupton was, according to Moody's, the "originator, designer and manager" of CreditMetrics, the bank's proprietary software system for modelling value at risk in credit portfolios, taking into account correlations. Most recently he was vice president, credit risk principal at JP Morgan Investment Management, providing investment management consulting services.

Lithuania Lithuania has mandated Credit Suisse First Boston and Deutsche Bank for a Eu50m tap of its Eu250m five year bond issue launched by the same arrangers in February.

* Lehman Brothers has bought SG Cowen's US brokerage business. The move gives Lehman Brothers a further $10bn in assets under management and some 60,000 high net worth accounts. The terms of the transaction have not been announced. Over the last 18 months, Lehman Brothers has added 50 investment representatives to its private client group, including the London private client business of CIBC Oppenheimer. The acquisition of the SG Cowen business will increase that number by 130 representatives.