Gary Dugan, chief investment officer of Merrill Lynch Global Wealth Management in Europe, the Middle East and Africa, has forecast little sign of recovery in the financial markets until 2011.

At an annual outlook meeting yesterday, Dugan, who joined Merrill's private banking arm from Barclays Wealth last year, said his division was very cautious on 2009 and added: "we are seeing nothing to suggest a rebound in 2010."