A familiar scion is taking over a 93-year-old, $11.9-billion-AUM (as of June 30), employee-owned, boutique fund firm in the Midwest. Also, one of the asset manager's mutual funds is gaining a familiar new PM.

Robert W. "Rob" Mairs Mairs & Power, Inc. President, CEO

Mark Henneman and Rob Mairs confirmed that yesterday Mairs (age 55) succeeded Henneman (age 63) as CEO of Mairs & Power, Inc. [profile]. Henneman continues to serve as Mairs & Power's chairman, though the official word is that he expects to retire from the company in about two years, at the end of 2026. Mairs, a grandson of Mairs & Power founder George Mairs, Jr. and a nephew of former Mairs & Power chief George Mairs III, will continue to serve as the firm's president.

Also yesterday, Kevin Earley, vice president at Mairs & Power, confirmed that Brent Miller has been added as a co-portfolio manager of the Mairs & Power Balanced Fund, which debuted back in 1961 and now has $764 million in AUM (as of June 30, 2024). Miller has also been promoted to vice president and investment manager; the fund's PM team now includes Miller, VP Robert Thompson, and VP and lead PM Earley.

Henneman lauds Mairs as "an important part" of the firm's "growth over the last 10 years."

"He understands what it takes to ensure the future success of Mairs & Power," Henneman states.

Mairs, in turn, highlights Henneman's "tremendous impact on making Mairs & Power what it is today."

"He had the foresight to navigate and embrace change, while bolstering our long-term investment strategy, always striving to provide the highest quality investment products and services for our clients," Mairs states.

As for Miller, Earley highlights the freshly promoted PM's "energy, experience, and a deep understanding of [Mairs & Power's] investment philosophy."

"His appreciation for Minnesota and the Upper Midwest aligns perfectly with our regional focus," Earley states. "Brent's fixed income expertise and dedication to our long-term investment approach make him an excellent fit for the role, and he will undoubtedly contribute to the continued success of the Balanced Fund."

Mairs' promotion comes about seven years after he rose to president, and he also served as chief compliance officer and general counsel, but unliked Henneman, he has not served as a Mairs & Power PM. Earlier, he spent more than 16 years with a nearby law firm, Gray Plant Mooty Mooty & Bennett, and he also worked with Norwest Investment Management and Trust. He is an alumnus of the Mitchell Hamline School of Law and of Dartmouth College.

The handoff comes about seven years after Henneman took over as CEO, after serving as president and CIO. He joined Mairs & Power in 2004 after working with U.S. Bancorp Asset Management, Advantus, and the St. Paul Companies. He is an alumnus of the University of Minnesota's Carlson School of Management and of Gustavus Adolphus College.

Miller joined Mairs & Power in 2019, and he has PMed their Minnesota Municipal Bond ETF since 2021. Earlier, he worked at Travelers as a fixed income analyst. He is an alumnus of Northwestern University's Kellogg School of Management and of the Carlson School of Management. 

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