Cash-rich financiers including Warren Buffett, Wilbur Ross and Ron Perelman are preparing to pounce on US companies hit by the financial turmoil - moves that could herald a new era of "vulture investing".

After years pushed to the sidelines by high valuations and fierce competition from private equity, so-called "value" investors believe the financial and capital market crisis now offers a great opportunity to buy companies at bargain prices.

Mr Ross, who is considering either buying into one of the troubled monoline insurers, which insure against bond defaults - or setting up a new one - told the Financial Times the turmoil provided an embarrassment of riches. "Nowadays so many things are starting to come unglued that the real problem is sorting out what the real opportunities are," he said.

In a recent note to clients, the credit rating agency Standard & Poor's said that, as the number of ailing companies in sectors ranging from brokerage and banking to media and consumer products grows, "vultures begin to stir".

Mr Ross, who has made millions by restructuring troubled companies in out-of-favour industries such as mining and car parts, on Thursday announced the closing of a $4bn fund to "invest in and restructure financially distressed companies".

He said his next moves were likely to be in insurance, mortgage servicing and car parts.

Mr Buffett, who has been lamenting the lack of takeover targets for several years, has struck deals worth a combined $6bn over the past few months. But he is widely believed to be still looking to spend the $40bn cash-pile held by Berkshire Hathaway, his conglomerate, on a large financial or industrial company.

"The elephant gun is still out," said Mohnish Pabrai, a California-based asset manager who owns shares in Berkshire, and follows Mr Buffett closely.

"This is Berkshire's market. When you have this kind of sell-off in equity markets and the capital Berkshire has, things will happen".

Mr Perelman, who has assembled a collection of businesses ranging from Revlon cosmetics to Allied Barton security services by taking over companies in distress, said he regarded the current conditions as a "buying opportunity".

"Over the next six months you are going to see very, very unique opportunities," he said in a video interview with the FT last week.