Mairs & Power at 90
A Rich History, A Bright Future
During the last 90 years, many Minnesota firms in the unforgiving financial services industry have split up, spun out, or shut down. We are an exception. Today, we are the oldest continuously independent investment management firm in the state and one of the few such entities in the country to survive since the onset of the Great Depression.
Author Dave Beal, a former business editor and columnist at the St. Paul Pioneer Press, unpacked the improbable and vibrant ascent of the firm in the book, Mairs & Power at 90: A Rich History, A Bright Future.
A Story of a Region and An Industry
In addition to the firm’s story, Beal weaves in the historical context of the city of St. Paul, the state of Minnesota, and the larger financial services sector throughout the last 90 years. While the book is our firm's story, it is also the story of a region and an industry.
Mairs & Power at 90 begins with a vivid description of the ancestral roots of the Mairs and Power families and the regional significance of the firm’s location in St. Paul. For its first 75 years, the firm was led by one or more of “the Three Georges” — George Mairs Jr., who fastidiously mapped out his plans to establish the firm in the depths of the Depression, when he was just 29 years old, his son, George III, famed for his stock picking prowess, and George Power Jr., known for his deep and trusted relationships with clients.
The book showcases how the firm has endured and prospered by remaining laser-focused on long-term investments, Minnesota-based companies, and the Upper Midwest region.
Mairs & Power History
Just 15 months after the stock market crash of 1929, George A. Mairs, Jr., a 28-year old native of St. Paul, founded our firm in 1931.
19311931 | George A. Mairs, Jr., Founds the Firm
A St. Paul native, George founded the firm at age 28, following the sale of the family store and the Great Depression's toll. He retired in 1975.
His legacy has perpetuated for nearly 100 years.
19461946 | George C. Power, Jr. Joins the Firm
George joined the firm, which later added his name to the partnership. He evidenced one of our hallmarks by "putting clients first and going the extra mile to serve our clients." He was active in the firm until his death in 1995.
19521952 | George A. Mairs, III Joins the Firm
Mairs’ son George joined the firm. He attended Yale and Macalester College, where he received his degree. Although he retired in 2009, he remained on the Investment Committee until his death in mid-2010.
19581958 | Mairs & Power Growth Fund Launches
To be accessible to small investors, Mairs & Power Fund was launched, later renamed Growth Fund. It was among the first 100 such funds in the U.S.
19611961 | Mairs & Power Balanced Fund Launches
Mairs & Power Income Fund, later renamed Balanced Fund launched, also among the first 100 such funds in the U.S.
19741974 | Large Current Institutional Client First Invests
A large, local Taft Hartley Pension Plan Fund first invests with us, starting a relationship that still continues today.
19831983 | Firm AUM Reaches $100M
With six employees, three investment professionals and three support staff, and registered in MN, WI, and PA, the firm reaches the $100M AUM milestone.
19921992 | William B. Frels Joins the Firm
Business grew rapidly under the strong leadership of George and Bill, who built a significant institutional businesss. Bill stepped down as CEO in 2012 and retired in 2015.
19941994 | Forbes and Minneapolis Star Tribune Catalyze Firm Growth
Press coverage highlighted Mairs & Power's distinct regional style providing visibility that led to significant growth.
19961996 | Growth Fund AUM Reaches $100M
From its humble beginnings of $100,000 in 1958, MPGFX reached $100M AUM.
20032003 | Growth Fund AUM Reaches $1B
From its humble beginnings of $100,000 in 1958, MPGFX reached $1B AUM.
20042004 | Mark L. Henneman Joins the Firm
Mark has worked closely with senior management leadership since his arrival to ensure the firm's investment philosophy and process remained consistent and repeatable. He was named President & CIO in 2014, Chairman and CEO in 2017.
20102010 | Mary Schmid Daugherty Joins Mutual Funds Board of Trustees
Mary joins the Mairs & Power Mutual Funds Board of Trustees as the first woman trustee and was named Chair of the Board in 2018.
20112011 | Mairs & Power Small Cap Fund Launches
A third mutual fund, the Mairs & Power Small Cap Fund, was launched in 2011.
20122012 | Morningstar Recognizes Mairs & Power Fund Managers
Morningstar names Mark Henneman and Bill Frels as Domestic Stock Manager of the Year
20132013 | Growth Fund AUM Reaches $3 Billion
From its humble beginnings of $100,000 in 1958, MPGFX reaches $3B AUM.
20212021 | Mairs & Power launches first ETF
The Minnesota Municipal Bond ETF, MINN, is Mairs & Power's first exchange traded fund and the first actively-traded ETF comprised solely of MInnesota Muni Bonds.
20212021 | Mairs & Power At 90 Published
Beginning with the backdrop of the Great Depression, Mairs & Power at 90 unfolds the improbable journey of the oldest continuously independent investment management firm in Minnesota and the historical context throughout the firm’s history.
2022TODAY | Mairs & Power Looks Forward to Its Second 100 Years
"The key is for us to continue to build on the legacy that has been entrusted to us and to always do what is in the best interest of our clients, employees and community. We believe that we'll be doing that well into the second 100 years of Mairs & Power's history."
Mark Henneman, CEO
Mairs & Power Today
Over $10.5 Billion AUM
In individually managed accounts, three mutual funds and an ETF
13 CFA Charterholders
Investment professionals with average experience of 24+ years
100% Employee Owned
SEC-registered with 45 employees
Long Term, Regional Emphasis, Multi Cap
Disciplined, client centric, trustworthy