NEWS & UPDATES

Balanced Fund Lead Investment Manager Change

Press Release - April 2, 2018

Veteran fund manager Kevin V. Earley was named lead manager of the Mairs & Power Balanced Fund, effective April 1.  Ronald L. Kaliebe, lead manager of the Fund, moves to a co-manager role in preparation for his retirement on June 30, 2019.  Robert W. (Bob) Thompson joins Earley and Kaliebe as a co-manager of the Fund.

"Ron's leadership and mentorship at Mairs & Power over the past two decades leave an important legacy. He has worked effectively with both Kevin and Bob and the Balanced Fund will benefit as that close working relationship continues during this planned management transition,” said Mark L. Henneman, Chairman and CEO, Mairs & Power, Inc.

These portfolio management moves are being made to allow for a smooth and orderly transition in the management of the Fund during the fifteen months leading up to Kaliebe’s planned retirement date in 2019. The conservative, long-term investment management approach of the Balanced Fund will remain unchanged.

Kaliebe, who joined Mairs & Power in 2001, has been lead manager of the Mairs & Power Balanced Fund since 2013 after serving as co-manager since 2006.

Earley joined Mairs & Power in 2013 as Vice President, Equity Analyst and Investment Manager.  He has served as Fund co-manager since 2015.  Mr. Earley began his investment career as an equity analyst with FAF Advisors in 1997, later becoming a portfolio manager on the firm’s mid and large cap value team.  Prior to joining Mairs & Power, Mr. Earley co-managed two mutual funds at Nuveen Asset Management.

Thompson joined Mairs & Power in 2016 as Assistant Vice President and Fixed Income Portfolio Manager after 13 years as Vice President, Corporate Bonds at Advantus Capital Management, a division of Securian Financial Group, Inc. in St. Paul.  Prior to that Bob worked as Senior Securities Analyst at Lutheran Brotherhood (now Thrivent Financial) in Minneapolis.

As of December 31, 2017, the Mairs & Power Balanced Fund (MAPOX) held $985 million in assets under management.

About Mairs & Power

Established in 1931, Mairs & Power is an independent, employee-owned investment advisory firm committed to pursuing long-term growth. The firm’s mutual funds and individually managed accounts are built on the strength and success of carefully selected, quality stocks and bonds. One of the cornerstones of the firm’s equity approach is its regional strategy focusing on stocks of companies headquartered in the Upper Midwest. Mairs & Power manages mutual funds and individually managed portfolios.  As of December 31, 2017 Mairs & Power’s assets under management totaled $9.9 Billion.  For more information, please visit our website www.mairsandpower.com.