The chief investment officer of Kleinwort Benson, the UK private banking arm of Dresdner Kleinwort, believes 2009 will bring opportunities for investors willing to take risks, but for most fear will prevail and the top priority will be security.

Jeremy Beckwith, CIO of the bank which was recently bought by rival Commerzbank, said: "As the year begins financial security will be the number one priority. The financial markets in 2009 are expected to be flat to gently higher while the economies of the major nations catch up with the dramatic market movements that have taken place in recent months."