Fund Openings, Closings, Manager Moves: Waddell & Reed Names New Managers at Muni-Bond Funds

There's been a changing of the guard on three Waddell & Reed municipal-bond mutual funds.

John Holliday retired July 1 after 21 years with the firm, according to a company announcement Tuesday. In the wake of his departure, Bryan Bailey will take over the (UNMBX Quote)Waddell & Reed Advisors Municipal Bond fund and the W&R Municipal Bond fund and Mark Otterstrom will take the reins of the (UMUHX Quote)Waddell & Reed Advisors Municipal High Income fund.

Bailey and Otterstrom joined the firm in 1993 and 1987, respectively, primarily working as fixed-income analysts. The funds boast strong long-term performance records, but recently results have lagged behind their peers, according to Morningstar.

Van Kampen Has High-Octane Launch

...