Los Angeles Metropolitan Transit Authority hired Snyder Capital...

Los Angeles Metropolitan Transit Authority hired Snyder Capital Management to run a $25 million small-cap value equities portfolio, according to Donna Mills, senior investment manager. In January, officials at the $640 million pension plan had terminated Amerindo Investment Advisors, which managed a $26 million small-cap growth portfolio, and the funding came from there, she said. All of the small-cap investments in MTA’s plan had been in growth, and Amerindo had managed an aggressive portfolio that concentrated on technology stocks, Ms. Mills said. Board members decided to reduce risk and diversify the fund’s small-cap exposure by including a value portfolio, she added.