Azzad Asset Management, advisor to the Azzad Funds and sponsor of the Ethical Wrap Program, has signed an agreement with Kayne Anderson Rudnick Investment Management (KAR) to add the Los Angeles-based company to its line-up of money managers.
KAR serves as portfolio manager for the small-cap growth strategy in the Azzad Ethical Wrap Program effective 1 August.
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.
Azzad says: “We are proud to include Kayne Anderson Rudnick in our line-up 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.”
