Mairs & Power planned to prepare for portfolio manager Bill Frels' upcoming retirement. Bill Frels, portfolio manager, would be retiring on December 31, 2014.
The roles of lead manager were given to Mark Henneman and Ron Kaliebe, who would be managing Mairs & Power Growth (MPGFX) and Mairs & Power Balanced (MAPOX), respectively.
Henneman and Kaliebe, transitioning from co-managers to lead managers in their respective funds, would assume these roles effective July 1. They became co-managers if these accounts since 2006. Meanwhile, Frels remained to be involved in both funds as a co-manager for18 months more.
Frels joined Mairs & Power as a lead manager of the MAPOX in 1992. Then, in 1999, he co-managed the MPGFX with George Mairs III. In 2004, he took over the Growth fund as lead manager. Under Frels' leadership, these two funds have earned 5-star records. Morningstar also gave the two funds a Silver Analyst Ratings.
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