Kayne Anderson Rudnick to Manage Strategy for Azzad Ethical Wrap Program

FALLS CHURCH, Va., Aug. 14, 2013 /PRNewswire/ -- Azzad Asset Management, advisor to the Azzad Funds and sponsor of the Ethical Wrap Program, today announced an agreement with Kayne Anderson Rudnick Investment Management (KAR) to add the Los Angeles-based company to its lineup of institutional money managers. KAR serves as portfolio manager for the small-cap growth strategy in the Azzad Ethical Wrap Program effective August 1^st.

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The firm's selection of KAR comes after an exhaustive due diligence and talent search process. Azzad ensures that all prospective managers agree to comply with their socially responsible Islamic investment process, in addition to confirming that they are able to meet strict performance and stock selection criteria. Azzad's analysts back test and run their proprietary ISFA screening criteria on portfolios to gauge any potential impact on returns before entering into a business relationship. KAR both met and exceeded Azzad's due diligence requirements for small-cap growth. 

In a statement, Azzad said:

We are proud to include Kayne Anderson Rudnick in our lineup of world-class portfolio managers. Their experience, combined with a stellar investment process and solid team, give us every confidence that they will be a great fit for our wealth management clients. Today's announcement shows our dedication to aligning Azzad Asset Management with some of Wall Street's most reputable institutional investment managers to manage specific asset classes used in our portfolios. We look forward to working with them as we seek to deliver superior service and results for our clients.

Azzad's Ethical Wrap Program portfolio managers are renowned industry professionals, each specializing in a particular strategy. In addition to managing outside portfolio managers, Azzad's internal investment team also runs portfolios in the Ethical Wrap Program, including the real estate investment trust (REIT) portfolio and the halal fixed-income Azzad Wise Capital Fund (NASDAQ: WISEX). All portfolios in the Ethical Wrap Program are constructed using ISFA screens and are monitored for compliance with Islamic investment criteria.

Kayne Anderson Rudnick, one of the boutique investment managers that comprise Virtus Investment Partners, believes that superior risk-adjusted returns may be achieved through investment in high-quality companies with market dominance, excellent management, financial strength, and consistent growth, purchased at reasonable prices. The company, which has nearly three decades of experience, manages a range of portfolios having a common disciplined, high-quality investment philosophy for clients that include corporate and public pension plans, foundations, endowments, brokerage firms, and high-net-worth individuals. The company had more than $7.5 billion of assets under management at June 30, 2013.

Azzad Asset Management, advisor to the Azzad Funds and sponsor of the Ethical Wrap Program, has been committed since 1997 to providing investment services designed to help clients enjoy optimum performance without compromising their values. The firm, based outside Washington, DC, is a registered investment advisor with the SEC.

CONTACT: Investment Communications Director, Joshua Brockwell, 703-207-7005, ext. 109, [email protected]; Chief Compliance Officer, Manal Fouz, 703-207-7005, ext. 115, [email protected].

SOURCE Azzad Asset Management