In a surprise move Munesh Khanna announced yesterday his resignation as co-head of investment banking at Enam Financial Consultants. Khanna had joined Enam at the end of November and hence has spent less then a year at the investment bank. When contacted Khanna confirmed his resignation and said he had not yet finalised his future plans. But he will be continuing at Enam for some time to complete certain tasks he is entrusted with. Khanna joined Enam from NM Rothschild where he was country head and managing director. Khanna had moved to Rothschild in early 2002 from Arthur Andersen where he set up and headed the corporate finance practice in India.

It is not clear whether Enam will be hiring anyone to replace Khanna. Enam is a purely Indian investment bank founded in 1984 by four partners of whom the name most prominently associated with the firm is Vallabh Bhansali. In 2005 talks that Enam would be forging a joint venture with a global player were rife and the Lehman Brothers name was bandied about - although the rumours seem to have been baseless. Industry sources suggest KhannaÆs move could be indirectly related to IndiaÆs stock market downturn and the consequent spillover on capital markets.

KhannaÆs move to Enam was partly motivated by a desire to join an investment bank with a more active capital markets practice - a platform neither Rothschild nor Andersen provided.