As planned (see The MFWire, 8/9/2010), Gerald Perritt shifted control of Perritt Capital Management [see profile] to chief investment officer Michael Corbett on October 5, Corbett confirmed to The MFWire.com.

Gerald Perritt Perritt Capital Management Founder and VP

Corbett, 45, has added the titles of president and CEO and now owns 50.5 percent of Perritt Capital's parent company, Investment Information Services. The remainder of the company is owned by about 30 other individuals, according to Corbett.

Corbett said IIS purchased about two-thirds of Gerald Perritt's shares and retired them into treasury stock. Corbett personally purchased the rest from him.

Perritt, who started Perritt Capital Management in 1987 and will celebrate his 68th birthday this month, now serves as vice president. He signed a four-year employment agreement with the firm, Corbett told The MFWire.com in an interview on Wednesday. Perritt will be transitioning his portfolio management, marketing and relationship management duties.

Michael Corbett Perritt Capital Management CEO, President and CIO

Corbett will take on more relationship management duties, while Mark Oberrotman and Sean Condon, who both work in the client services and business development area, will be assuming more marketing responsibilities and have more decision-making power. Perritt's analyst team, meanwhile, will "step up in the next year or so" and take on co-manager duties, Corbett said.

Perritt Capital manages two mutual funds -- Perritt MicroCap Opportunities Fund and Perritt Emerging Opportunities Fund -- and 150 separately managed accounts.

"I'm planning to keep the firm independent," Corbett said.

Corbett also plans to roll out additional offerings, including possibly a third mutual fund, though not in the near future. 

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