Mark Henneman and Ronald Kaliebe have been named lead managers of the Mairs & Power Growth Fund and Mairs & Power Balanced Fund respectively, effective July 1. William Frels, lead manager of both funds, moves to a co-manager role in preparation for his retirement in 18 months.
Frels, who joined Mairs & Power in 1992, has been lead manager of the Mairs & Power Balanced Fund since then. Kaliebe, who joined Mairs & Power in 1999 and Henneman, who joined in 2004, both assumed co-manager roles at their respective funds in 2006.
“Bill’s leadership and mentorship at Mairs & Power over the past three decades leave an important legacy,” stated Jon Theobald, president and chief executive officer of Mairs & Power. “He has worked effectively with both Mark and Ron for several years and the funds will benefit as that close working relationship continues during this planned management transition.”
As of June 28, the Mairs & Power Growth Fund (MPGFX) held $3 billion in assets under management and the Balanced Fund (MAPOX) held $463 million in assets under management.