News in brief: Coutts takes top spot from Barclays, CLS buys portfolio of public offices

Coutts has overtaken Barclays as the largest wealth manager in the UK by assets under management.

Coutts, a subsidiary of Royal Bank of Scotland, has £51.7 billion under management against Barclays’ £50.2 billion, according to wealth management publisher PAM. Coutts boss Michael Morley credited improved service and dialogue with clients.

CLS buys portfolio of public offices

Property firm CLS Holdings is now landlord to a host of public bodies including the Revenue and Immigration services after sealing a £118.6 million deal to buy 34 mainly Government-occupied buildings.

The nationwide portfolio — bought from receivers on an eye-catching double-digit yield of 12.2% — generates more than £15.1 million a year in rent and is 99% occupied.