Perritt Capital Management [see profile] is thinking of expanding its mutual fund menu possibly next year, according to the Chicago firm's top executive.

Michael Corbett, president, CEO and CIO, told The MFWire.com that he and his team are thinking of launching a small-cap mutual fund, which will bet on companies with a market cap in the $500 million to $3 billion range.

"It's still in our expertise range," added Mark Oberrotman, an executive in Perritt's client services and business development team. "It's not foreign to what we currently do."

Perritt currently offers two mutual funds: the Perritt MicroCap Opportunities Fund, which invests in firms with a market cap of $500 million or less, and the Perritt Emerging Opportunities Fund, which invests in firms that have a market cap of $300 million or less.

Despite the change of control at the company last year, don't expect Perritt to rebrand.

Corbett said the company has built a brand with the Perritt name. "I think it would be wise to leave it as is," he said.

As reported by The MFWire.com last year, Gerald Perritt, who started Perritt Capital in 1987, transferred control of Perritt Capital's parent company, Investment Information Services, to Corbett last October. Corbett now owns 50.5 percent of IIS.

Corbett said he plans to buy out the company's other shareholders over time and turn Perritt into a 100 percent employee-owned firm. 

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