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OppenheimerFunds Muni Head Stepping Down This Summer

Dan Loughran, the 52-year-old SVP of OppenheimerFunds who oversees the firm’s $24B municipal-bond funds, is stepping down after a decade with the company in September.

OppenheimerFunds is known for taking high risk in the $3.7 trillion municipal market, making investments in tobacco bonds, real estate and debt in Puerto Rico. The high-yielding fund returned more than 14% last year, Bloomberg reports.

Dan started work with the firm in 1994 when it was an independent company and has led the group since 2006. “Throughout his career, Dan has been instrumental in helping the Rochester funds and their shareholders navigate the muni markets and find long-term value through active management,” the company says. [Bloomberg]