ENAM Asset Management

What ENAM Asset Management does

Enam Asset Management Company Private Limited (Enam AMC) is a Mumbai-headquartered, SEBI-registered portfolio management services firm founded in 1997 as the asset management arm of the Enam Group (founded 1984 by Vallabh Bhanshali and Nemish Shah). The firm manages concentrated, high-conviction long-only portfolios in Indian listed equities across three domestic PMS products — the flagship EICE (since 2001), EIDEA (since 2011), and EIVP (since 2023) — alongside bespoke investment advisory mandates and two offshore vehicles (the Singapore-based USD fund EIGF launched in 2011 and the UCITS-compliant EIOF launched in 2023). Wholly-owned subsidiaries in Singapore (2011, MAS-regulated) and Dubai DIFC (2018, DFSA-regulated) extend distribution to global institutional and accredited investors.

The firm's core technology consists of proprietary in-house bottom-up research models, financial modeling tools, and a SASB-aligned ESG evaluation framework (PRI signatory since 2021). It was India's first GIPS-compliant portfolio manager (2012) and reports zero compliance breaches or regulatory complaints since inception. The investment team is anchored by Co-Founder and CIO Jiten Doshi, who holds the longest-serving single-manager track record in Indian PMS, supported by senior portfolio managers with 18-25+ years of prior experience at firms including Kotak, Religare, HSBC, ASK, and Ambit.

ENAM AMC's revenue model is subscription-recurring across all products, charging management fees on PMS portfolios (with a Rs. 50 lakh SEBI-mandated minimum), advisory mandates, and the offshore/UCITS fund wrappers (with management fees ranging from 0.50% to 1.75% depending on share class). Total AUM stands at US$3+ billion as of December 2025. The go-to-market is relationship-based, combining dedicated relationship managers for direct SMA clients, a select channel/advisory partner network for EIDEA and EIVP, and the Singapore and Dubai subsidiaries for global institutional and family office distribution.

Name

ENAM Asset Management

Legal name

Enam Asset Management Company Private Limited

Website

https://enamamc.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

11–50 employees

Short description

Enam Asset Management is a Mumbai-based SEBI-registered portfolio management firm managing concentrated long-only Indian equity portfolios across domestic PMS, offshore, and UCITS vehicles, serving UHNIs, family offices, sovereign wealth funds, and institutional investors globally with US$3+ billion AUM.

Ownership category

akta.pro rank

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Portfolio Management Services (PMS) - Discretionary & Non-Discretionary: ENAM AMC charges fees for managing discretionary and non-discretionary equity portfolios on behalf of clients. Minimum portfolio size is Rs. 50 lakhs per SEBI regulations. Fees are disclosed in accordance with PMS Regulations 2020.
2. Investment Advisory Services: Provides investment advisory services to institutional investors on a customized basis. Advisory fees are charged for buy/sell recommendations without back-office responsibility for trade execution, custody, or accounting.
3. UCITS Fund - Enam India Opportunities Fund (EIOF): Sub-fund of EAMC ICAV offering share classes (A, B, C) in USD and EUR with management fees ranging from 0.50% to 1.75% depending on share class. Daily dealing with T+3 settlement.
4. Offshore Fund - Enam India Growth Fund (EIGF): Open-ended USD-denominated fund launched in 2011 for global accredited and institutional investors. Long-only Indian equity strategy managed through Singapore subsidiary.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Enam Asset Management is a SEBI-registered portfolio management company offering discretionary and non-discretionary Portfolio Management Services (PMS) in Indian equities to ultra-high net worth individuals, family offices, pension funds, sovereign wealth funds, Indian corporates, and NRIs. Its offering includes three domestic PMS products (EICE, EIDEA, EIVP), customized institutional investment advisory services, and two offshore fund vehicles (UCITS-compliant EIOF and Singapore-based EIGF), all built on proprietary bottom-up research, high-conviction concentrated portfolios of 15-30 stocks, and a long-term capital appreciation mandate.

Product overview

ENAM Asset Management offers a comprehensive suite of portfolio management and advisory services focused on Indian equities. The core offering consists of three domestic PMS products: EICE (flagship long-only equity portfolio since 2001), EIDEA (diversified equity advantage for advisory partners since 2011), and EIVP (vision portfolio targeting megatrends launched 2023). The firm also provides investment advisory services for institutional investors. Internationally, ENAM offers two offshore vehicles: EIGF (Singapore-based USD fund launched 2011) and EIOF (UCITS fund launched 2023), both providing global investors access to Indian equity markets. All products employ a bottom-up, high-conviction investment approach with long-term capital appreciation objectives.

Differentiator

Problem solved

Functional benefit

Brands

• EICE (Enam India Core Equity Portfolio): Flagship discretionary PMS product launched in April 2001, managed by CIO Jiten Doshi. Long-only portfolio of approximately 20 stocks focused on generating capital appreciation through Indian equities.
• EIDEA (Enam India Diversified Equity Advantage Portfolio)
• EIVP (Enam India Vision Portfolio)
• EIOF (Enam India Opportunities Fund)
• EIGF (Enam India Growth Fund)

Products and services

• Enam India Core Equity (EICE) Portfolio Flagship discretionary Portfolio Management Service launched April 2001, managed by CIO Jiten Doshi since inception. Long-only SMA platform of approximately 20 high-conviction, market-cap and style agnostic Indian listed equity stocks focused on long-term capital appreciation in high-quality businesses. Minimum portfolio size Rs. 50 lakhs per SEBI PMS Regulations 2020.
• Enam India Diversified Equity Advantage Portfolio (EIDEA) Fundamental equities-based bespoke discretionary PMS launched May 2011, delivered through the SMA platform for clients acquired via select distribution and advisory partners. Concentrated portfolio of approximately 20 Indian listed stocks, market-cap and style agnostic.
• Enam India Vision Portfolio (EIVP) Long-term discretionary PMS launched January 17, 2023, investing across market capitalization segments and sectors targeting India megatrends such as Urbanisation, Premiumisation, Formalisation, Digital adoption, Consolidation, Workforce participation, and favourable demographics. Concentrated portfolio of 15-30 companies. Returns benchmarked to BSE 500 TRI.
• Investment Advisory Services Specialized investment advisory service for institutional investors providing customized equity recommendations on a buy/sell basis without back-office responsibility for trade execution, custody, or accounting. Bottom-up research-driven high-conviction concentrated portfolio of approximately 25 stocks with fees charged on a subscription/advisory basis.
• Enam India Growth Fund (EIGF) Open-ended long-only US Dollar denominated offshore fund launched in 2011, managed through the Singapore subsidiary (Enam Asset Management (Singapore) Pte. Ltd.). Provides global accredited investors, family offices, and UHNIs access to the Indian equity growth story.
• Enam India Opportunities Fund (EIOF) UCITS-compliant sub-fund of EAMC ICAV launched in 2023, investing in listed equity and equity-related instruments of Indian companies with a long-term capital appreciation objective. Offers multiple share classes (A, B, C) in USD and EUR with management fees ranging from 0.50% to 1.75% depending on share class. Daily dealing frequency with T+3 settlement.

Quantifiable outcome

• EICE Portfolio: Launched April 1, 2001 — managed by Jiten Doshi since inception, over 25 years of track record
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators5 records

Recent moves11 records

Expansion highlights5 records

Emerging players

• PPFAS Mutual Fund: PPFAS is a boutique Indian AMC known for its concentrated, research-driven equity approach through its flagship Parag Parikh Flexi Cap Fund. Comparable to ENAM in fundamental research philosophy and concentrated mandate structure, though primarily operating in mutual fund format.

Broad incumbents

• HDFC Asset Management: HDFC AMC is India's largest mutual fund company with a growing PMS and AIF franchise. Overlaps with ENAM in equity PMS offerings but serves a broader retail and institutional client base with much larger AUM.
• Kotak Mahindra Asset Management: Kotak AMC is one of India's largest mutual fund and PMS providers with a broad product shelf including equity PMS, fixed income, and hybrid offerings. Comparable to ENAM in serving PMS clients but operates at significantly larger scale with broader asset class coverage.
• Axis Asset Management: Axis AMC acquired Enam Group's investment banking and institutional securities business in 2012 and operates one of India's largest AMCs with mutual fund, PMS, and AIF products. Comparable to ENAM in equity PMS offerings with the historical corporate linkage making it a particularly relevant incumbent.
• ICICI Prudential Asset Management: ICICI Prudential AMC is one of India's largest AMCs offering mutual funds, PMS, and AIFs across multiple asset classes. Overlaps with ENAM in equity PMS but operates at much larger AUM scale with broader distribution and brand recognition.

Direct peers

• Alchemy Capital Management: Alchemy Capital is a leading Indian PMS and AIF provider with a focus on high-conviction long-term equity strategies for HNI and institutional clients. Directly comparable to ENAM in PMS/AIF structure, equity-only mandate, and institutional-grade research approach.
• ASK Investment Managers: ASK Investment Managers is one of India's leading PMS firms offering discretionary and non-discretionary equity portfolio management to HNI and institutional clients. Highly comparable to ENAM in mandate structure, client segmentation (HNI/UHNI/family offices), and bottom-up equity research-driven approach.
• Ambit Capital: Ambit Capital's private wealth and PMS division offers equity portfolio management to HNI clients using a research-driven bottom-up approach. Comparable to ENAM in PMS-only structure, fundamental research emphasis, and Indian equity focus.
• Quest Investment Advisors: Quest is a boutique Indian PMS firm offering concentrated equity portfolios to HNI clients with a long-term, research-intensive approach. Highly comparable to ENAM in boutique positioning, concentrated mandate structure, and HNI client focus.
• Motilal Oswal Asset Management: Motilal Oswal AMC operates one of India's largest PMS franchises alongside its mutual fund business, with a focus on high-conviction equity strategies. Comparable to ENAM in PMS product structure, equity-centric approach, and HNI/institutional client base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks1 record

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ENAM Asset Management