There are "extraordinary" buying opportunities for long-term investors in today's markets, though a strong stomach may be required in the short run, the vice chairman of Barclays Wealth said, according to Reuters.

Gerard Aquilina said he was advising clients that "we are closer to the end than the beginning" of the financial crisis that has pounded global markets in recent weeks.

"If one is selective one can find extraordinary opportunities," Mr Aquilina said.

Many high-quality securities indiscriminately sold during the credit crunch are now great value, Mr Aquilina said.

"We like emerging markets, specifically Asia. We think there are opportunities in the fixed income sector, specifically corporate bonds," he said.

"There are a lot of financial institutions out there that don't merit the hammering they've received ... Distressed real estate looks interesting. Being selective is where the science comes in," he said.