Damian Wild

Along the way, he had to rebuild its financial systems from scratch when the business's New York offices were destroyed in the terrorist attack on the World Trade Center.

At Ashmore, a fund management group that specialises in emerging markets debt, he's still involved in a business that handles mind-boggling sums: the group has more than $23bn (£11.2bn) of assets under management.

So when he flies in the face of popular opinion and urges FDs to seek out the opportunities created by the current market volatility, it's worth taking note of such an experienced hand keeping his head.

Especially when so many around him are losing theirs. Published this week, the latest CBI/PricewaterhouseCoopers financial services survey shows a sector more fearful than it's been at any time in the last 16 years.

To paraphrase, most financial services firms have grown much more pessimistic and most expect the credit crunch to squeeze business volumes, incomes and profitability.

But don't assume that holds true for everyone. Only those with the shortest of time horizons will turn off their investment taps completely.

Every threat, says Pettigrew, throws up an opportunity.

'The cost of borrowing has obviously increased, but the flip side is that a clever FD holding a cash balance can get a better yield for the company's shareholders,' he says.

Think about exchange rates, he urges, and manage currency risk. The same goes for interest rates: don't duck a decision about whether to stick or float.

As Pettigrew says, 'It is a very interesting time for FDs.'

Damian Wild is editor-in-chief of Accountancy Age