Mairs & Power's CEO Mark Henneman, is taking a half-step back from lead management of the firm's oldest and largest mutual fund to devote more energy to overseeing the entire firm while also making some promotions of long-time lieutenants, Andrew (Andy) Adams and Allen Steinkopf.
Henneman who joined the St. Paul-based independent, employee-owned investment advisory firm in 2004 has been lead manager of the Growth Fund (MPGFX), which has $3.9 billion in assets, since 2013.
The firm's investment viewpoint has aimed to be long-term holders of solid growth Midwestern companies. It's a strategy that has also been effective in their fund manager succession planning as well.
Henneman was promoted to chairman and CEO of the overall firm in 2018. He will remain a co-manager of the Growth Fund but will have more time to set the direction of the overall firm which has $8.5 billion in total assets under management.
"These changes in fund management will keep me focused on the Growth Fund, but allow me time to address the long-term strategy of Mairs & Power, Inc." Henneman said in a release.
Adams, the company's chief investment officer and co-manager of the Growth Fund, moves to lead manager of the Growth Fund.
Adams joined the firm in 2006 and in 2011 started the firm's third mutual fund, The Mairs & Power Small Cap Fund (MSCFX), which now has $367 million in assets under management.
"Andy and I have worked closely together since he joined the firm in 2006 and even more so as he assumed the Growth Fund co-manager role in 2015, and became Chief Investment Officer in 2018," Henneman added.
