Deutsche Bank AG will acquire Dresdner Bank's global agency securities lending business. Deutsche Bank will integrate the business into its trust and securities services business in global transaction banking as part of its local custody franchise. Roger Harrold, global head of domestic custody services, will oversee it. Tim Smollen, global head of Dresdner's agency lending business, will remain head of the business after closing.

Boutique healthcare investment firm Bio Equity Risk Management LLC announced its launch and opened a Boston office. Managing partner Nessan Bermingham (pictured left) founded the firm.

Managing partner Joseph Siletto (right), a 12-year veteran of healthcare investment banking, joins him.

Bermingham was a partner at Omega Funds, where he opened its Boston office and led its expansion into U.S. healthcare. Before Omega, Bermingham was a partner at Atlas Venture, focusing on the U.S. public markets and European Union private biotech. He was also a biopharma research analyst at UBS Warburg.

Siletto was a director of healthcare investment banking at Cowen and Co. LLC in Boston, advising on initial public offerings, follow-on, private investment in public equity, and merger and acquisition transactions. He was also a principal and co-head of the life sciences group at SVB Alliant, and a vice president at Banc of America Securities LLC in San Francisco.

Bio Equity's advisory board includes David Feigal, a partner at NDA Partners, Jean-François Formela of Atlas Venture, Vernalis plc chief executive Ian Garland, Cappella Inc. CEO Art Rosenthal and Tim Wilson of Apex Life Sciences.

Morgan Stanley appointed Gary Lynch as vice chairman. Lynch will relocate to London, where he will remain as chief legal officer. Lynch joined Morgan Stanley in October 2005 from Credit Suisse Group, where he was executive vice chairman and global general counsel.

Before that, he was a partner at Davis Polk & Wardwell from 1989 to 2001 and director of enforcement at the Securities and Exchange Commission from 1985 to 1989.

Lazard Middle Market LLC hired Douglas Brown and Alexander Chefetz as managing directors, specializing in the healthcare, and consumer and retail industries, respectively.

Brown, based in Charlotte, N.C., spent eight years as a managing director in Wachovia Securities LLC's healthcare investment banking group.

Chefetz, in New York, spent nearly 10 years at Thomas Weisel Partners LLC, where he was a managing director, co-head of the consumer investment banking group and a founding partner of the firm.

Check The Deal Pipeline for updates on these Movers & shakers:

• Bruce McDonald joined Houlihan, Lokey, Howard & Zukin Inc. as head of its transportation and logistics group.
• Harris Williams & Co. hired Geoffrey Frankel as head of the restructuring advisory services business.
• Malcolm Nicholson is now a member of the U.K. Competition Commission.