Mark Henneman since 2017 has been both the chief executive of Mairs & Power and co-manager of the firm’s signature Growth Fund.
He now is handing over his co-manager role to Pete Johnson, who will work hand in hand with Chief Investment Officer Andrew Adams.
Henneman, who will concentrate on his executive duties, will still sit on the 90-year-old firm’s investment committee.
Adams credited Henneman with a smooth transition.
“Even with all of his other duties at Mairs & Power, he has maintained an active role in the Growth Fund and assisted in Pete Johnson’s transition to co-manager,” Adams said in a statement. “I’m very glad Mark will be still available for consultation and sharing ideas as a member of our investment committee.”
The Growth Fund, which was started in 1958, has $4.4 billion in assets under management.
In other moves at the firm, Christopher Strom has been named a co-manager of the Mairs & Power Small Cap Fund, joining Adams and lead manager Allen Steinkopf in managing a fund with $298 million in assets that was started in 2011.
Strom, who joined Mairs & Power in 2017 as an equity research analyst, has been working closely with the Small Cap management team for over a year.
“Chris has an amazingly deep knowledge of the companies we follow and the industries they work in,” said Steinkopf in a release. “Chris provides us with an intimate understanding of the strengths these companies have and the challenges they face.”
Patrick Kennedy • 612-673-7926