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Corus Bank, a subsidiary of Corus Bankshares Inc., is creating an asset-management division with its plans to buy two investment advisory firms having combined assets of more than $300 million. Corus said its purchase of Lawton/Russell Inc. and Lawton Company Inc. is expected to close March 31. Terms were withheld. Both Chicago-based firms are owned by Gregory M. Lawton, who will join the bank along with eight employees. Lawton/Russell primarily serves as an adviser to a unit of Frank Russell Co., the Tacoma, Wash.-based firm that created the Russell 2000 small-cap stock index. Lawton Co. is an adviser to a broad range of mutual funds sold mostly to institutional investors.
