Swiss Life, the UK subsidiary of Swiss Life Group in Zurich, has become the first client of HSBC Global Fund Services (GFS), HSBC's new Edinburgh-based investment administration and performance consultancy.

GFS, a wholly owned subsidiary of HSBC Bank, was set up in August 1998 by Stewart Crawford, Mike Martin and Jim Phillips, the team that broke away from Deutsche Bank's WM Company (Financial News, July 19 1999).