After 25 years in the municipal bond industry, senior portfolio manager Ronald H. Fielding — one of the longest-serving investors in the industry and a pioneer investing in tobacco bonds — has announced that he will retire from OppenheimerFunds Inc. effective May 20.

The announcement comes on the heels of a three-and-a-half year, gradual transition period in which the firm’s municipal bond team, led by senior portfolio manager Dan Loughran, has been preparing for the departure of the 60-year-old muni market veteran.

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