Daniel G. Loughran has announced his retirement from OppenheimerFunds' Rochester investment team, effective Sept. 30. Loughran, whose tenure at the firm spans more than two decades, has handed the team leader PM reins to a pair of senior portfolio managers -- Scott Cottier and Troy Willis, effective today. Loughran is no longer managing the funds.

Daniel G. Loughran OppenheimerFunds Former PM

"Rochester has always had a team approach to managing the funds, OppenheimerFunds spokeswoman Kimberly Weinrick tells 401kWire, adding that this paves the way for a smooth transition.

Cottier and Willis were promoted to co-team leaders of OppenheimerFunds' Rochester investment team, which is a role Loughran held for the past decade. The PM pair has now taken over the day-to-day management responsibilities for the investment team, including 20 muni bond strategies.

While Loughran is stepping down from the day-to-day management of the funds, he now begins serving in an advisory capacity to Krishna Memani, CIO of OppenheimerFunds.

"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," states Memani.

Loughran managed the Rochester municipal bond funds for two decades plus, over which time the firm has evolved from The Rochester Funds to OppenheimerFunds following a 1996 acquisition. Muni bond assets have ballooned from four funds across approximately $4 billion to nearly two dozen funds across $24.4 billion over that period.  

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