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Mairs & Power Mutual Funds announce co-portfolio manager and officer changes

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Mairs and Power has announced new co-managers and a new President of its three no-load mutual funds – the Mairs & Power Growth Fund (MPGFX), Balanced Fund (MAPOX) and Small Cap Fund (MSCFX), effective 1 January.

Andrew Adams joins lead manager Mark Henneman as co-manager of the Growth Fund; Kevin Earley joins lead manager Ronald Kaliebe as co-manager of the Balanced Fund and Allen Steinkopf joins lead manager Andrew Adams as co-manager of the Small Cap Fund. Mark Henneman has been appointed President of the Mairs & Power Funds Trust (Trust). 

These executive changes culminate a long-term succession plan which begun several years ago in anticipation of William Frels mandatory retirement on 31 December, 2014 as co-manager of the Growth and Balanced Funds and Trustee and President of the Trust. In 2006, Henneman and Kaliebe were named co-managers of the Growth Fund and Balanced Fund respectively and moved into lead manager positions of those funds in 2013. The conservative, long-term investment management approach of both the Growth Fund and the Balanced Fund will remain unchanged.

"Succession planning is a natural component of Mairs & Power's long-term focus," says Jon A Theobald, Chairman and CEO of Mairs and Power, Inc. "As the oldest investment firm under continuous private ownership and management in Minnesota, we employ a deliberate and disciplined succession planning process to ensure consistency in our investment philosophy over time while providing growth and development opportunities for our investment professionals. All the individuals assuming new roles at our Funds have been groomed for these added responsibilities."

Andrew Adams joined Mairs and Power, Inc in 2006 as Vice President and Investment Manager. Adams was appointed manager of the new Mairs & Power Small Cap Fund which launched in August of 2011. He will continue as portfolio manager of the Small Cap Fund, and now joins veteran fund manager Mark Henneman as co-portfolio manager of the Growth Fund. Adams began his investment management career in 1997 as a securities analyst with Advantus Capital Management. Prior to joining Mairs & Power he co-managed the small-cap blend mutual fund at US Bancorp Asset Management (now Nuveen Asset Management).

Kevin Earley joined Mairs and Power, Inc. in 2013 as Vice President, Equity Analyst and Investment Manager. He joins veteran fund manager Ronald Kaliebe as co-portfolio manager of the Balanced Fund. Earley began his investment management career as an equity analyst with FAF Advisors in 1997, later becoming a portfolio manager as part of the firm's mid-to-large cap value team. Prior to joining Mairs & Power, Earley co-managed two mutual funds at Nuveen Asset Management.

Allen Steinkopf joined Mairs and Power, Inc. in September 2013 as Vice President and Investment Manager. He joins veteran fund manager Andrew Adams as co-portfolio manager of the Small Cap Fund. Steinkopf began his investment management career as a research analyst with MIMLIC Asset Management in 1993 before assuming increasing responsibility as portfolio manager and senior analyst at Advantus. Prior to joining Mairs & Power, he most recently was senior portfolio manager of small cap equity and directly managed a small cap core mutual fund at Nuveen Asset Management.

Henneman joined Mairs & Power in 2004 as Vice President and Investment Manager. In 2006 he was named co-manager of the Growth Fund and in 2013 he became lead manager of the Fund.  Henneman began his investment management career as an analyst with The St Paul Companies (now Travelers Companies). He has worked as a portfolio manager with Advantus Capital Management and prior to joining Mairs and Power, Inc, he was Managing Director and Process Leader of mid- and large-cap value Investments at US Bancorp Asset Management (now Nuveen Asset Management).

The Board of Trustees have nominated James D. Alt and Patrick A. Thiele to serve as Trustees of the Trust, subject to approval by shareholders of the Trust at a special meeting to be held in the second quarter of 2015. Current Trustees Norbert J. Conzemius, Bert J. McKasy, Mary Schmid Daugherty and Jon A. Theobald will be up for re-election.

As of December 31, 2014, the Mairs & Power Growth Fund (MPGFX) held $4.2 billion in assets under management, the Balanced Fund (MAPOX) held $723 million in assets under management and the Small Cap Fund (MSCFX) held $162 million in assets under management.

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