While Enam restricts itself to offer only discretionary services, their ultimate aim seems to emerge as a `private banker' -- banker of the last resort or a trusted adviser.

"We need to act as a trusted adviser" said Manish Chokhani, managing director of Enam Asset Management Company citing the example of Swiss Bank, where the bank not only offers advisory services but also handles the investment portfolio of their clients. Providing a one-point source of investment and advisory services is not only restricted to equities but also to other areas of life is what Enam aims to achieve in the long run. For this purpose they have laid down stringent entry norms for their clients. "The average fund size has to be higher. We are extremely choosyabout our clients and his immediate needs. The funds he wants to park with us has to be surplus in nature. Horizon should overflow," adds Chokhani. Once the networth of the client is evaluated under the parameters laid down by the group, the portfolio manager then decides the model portfolio of the client.

Each client has a different portfolio. "A lawyers portfolio would be different from that of a corporate or a business man who has large surplus funds to park. Sometimes our clients individual corpus is equal to that of a mutual fund," he adds.

In terms of expectations or returns, Enam believes that there is a distinct difference between an investment opportunity and short term trading opportunities. "Expectations need to be pitched low as equities cannot offer fast buck," he points out.

Chokhani further explains that during his first meeting with the client when they decide on the networth of the individual they bring to the notice of the cleint that investments in equities will not bring in fastmoney. "The instrinsic value of the investments grows. Here we also aim to offer a hedging facility against inflation," he adds. Enam also ensures that the client's needs for liquidity and exit is also maintained.

Investment decisions are the most crucial and sensitive aspect when it comes to Enam. Investment decisions are guided by the principles of `sharing a business'. Defensive approach coupled with the aim of maintaining a margin of safety has been the investment strategy of Enam.

In the business of re-rating game where more than 90 per cent of the Indian business' do not meet the bank rate, Enam has restricted itself to value picking based on P/E ratios. "The playing field is tight. We are not interested in the EPS figures of the company. Price to earnings is the most crucial aspect for any investment decision," he explains.

In order to maintain that personal touch with both their clients as well as the company where the investments are made, Enam ensures that their investments are restricted to amaximum 10 stocks and further maintain it up to 5-6 stocks. "Indian markets needs to become larger, under these restriction based on our parameters only a few companies offer good investment opportunities," he adds.

While mutual fund players have the restriction of not investing more than 5 per cent of their investments in one particular company, portfolio managers do not face such hurdles. Hence they are better placed to ensure that the clients are rewarded with handsome returns. In order to maintain a transparent mode of operations, Enam has appointed ABN Amro Bank as the custodian of the funds and securities, while Crawford Bailley provides these clients with detailed investment statements.