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.
Allen Steinkopf, slides over to lead manager of the Small Cap Fund after serving as a co-manager of that fund since 2015.
Peter (Pete) Johnson, a long-time analyst and assistant vice president, also gets a promotion to co-manager of the Growth Fund with Adams and Henneman.
“Pete has been with Mairs & Power since 2010 and over these past eight years his equity research and overall contributions to the Investment Committee have supported the work of the entire investment team,” Adams said in the release.