Oppenheimer Funds, manager of 12 of the top 14 funds in exposure to Puerto Rico, has suffered the biggest outflows in the industry since mid-September as investors continued to shy away from the commonwealth’s debt after yields surged.

Net redemptions from Oppenheimer’s municipal bond funds totaled $647 million in the month through Oct. 23, bringing the total for the period to about $1 billion, Lipper FMI data show.

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