About Dr. Sara Zervos Knutson

Translating Global Economics Into Actionable Strategy

For more than 25 years, I managed over $23 billion across global markets—navigating the Asian Financial Crisis, Russian default, dot-com bubble, global financial crisis, and every market cycle through today. Now I bring that same analytical rigor to education and consulting, helping RIAs, investment committees, and individual investors translate economic analysis into strategic decisions.

From Managing Billions to Sharing Insights

My career has taken me from the trading floors of New York to the halls of the IMF and World Bank, from managing hedge funds to advising governments, from co-founding a tech startup to teaching the next generation of investors.

The common thread? A relentless focus on understanding how the global economy actually works—and making that knowledge useful.

After more than 25 years in institutional investment management and international economics, I made an intentional shift. I realized that the most valuable contribution I could make wasn't adding another billion to a fund—it was sharing what I'd learned. Today, I focus on what I love most: education, strategic thinking, and helping people cut through market noise with the same frameworks that guided my portfolio decisions.

What I Do Today

Fractional Chief Economist & Consultant

As a fractional chief economist, I partner with RIAs, wealth management firms, and investment committees to provide the strategic economic insight they need—without the overhead of a full-time hire. I help translate complex global dynamics into clear, actionable context for client conversations and internal decision-making.

Capital Markets Educator

I teach capital markets and investing courses, bringing real-world experience from managing billions into practical education. My students range from aspiring portfolio managers to seasoned advisors looking to sharpen their economic thinking.

Individual Consulting

Working one-on-one with investors seeking clarity, I provide the kind of economic education and portfolio interpretation that's typically only available at the institutional level. Sessions focus on understanding—not selling—and clients leave with frameworks they can use independently.

IMF Economist (On-Demand Roster)

I remain active on the International Monetary Fund's roster for international economic assignments, continuing to advise on capital market development and monetary policy issues globally.

Fractional CFO Services

Drawing on my operational experience co-founding and running a tech startup, I provide fractional CFO services to growing companies that need strategic financial leadership without a full-time executive.

"What in the World"

My Substack newsletter tackles real questions about economics and markets with clarity and depth. Sophisticated analysis made accessible. It's where I explain what's actually happening in the economy and what it means for your portfolio.

Subscribe to What in the World

How I Got Here

Academic Foundation

University of Rochester | Arizona State University

Ph.D. & M.A. in Economics, University of Rochester

B.A. with Honors in Economics, Arizona State University
Flinn Scholar - Arizona's most prestigious undergraduate scholarship

The academic training gave me the theoretical foundation. The real education came from putting capital at risk in markets around the world.

Institutional Investment Management (1995-2016)

OppenheimerFunds | Hedge Funds | Investment Banking

OppenheimerFunds

Head of Global Debt | Senior Portfolio Manager | Director of Research

Led the global debt team managing over $23 billion in international fixed income. Maintained Four Star funds. Launched two mutual funds (Emerging Market Debt and Global High Yield) from ideation to execution. Managed a team of 11 senior investment professionals across multiple asset classes.

Hedge Fund Portfolio Manager

Dillon Read Capital Management | Sailfish Capital | OTA Capital Management

Generated 20%+ net returns managing hedge fund portfolios. Developed deep expertise in cross-asset strategies, structured products, and emerging markets.

Key Expertise Developed: Interest rates, credit, foreign exchange, structured products, emerging and developed market fixed income, portfolio construction and risk management, global macro strategy, crisis navigation and opportunity identification.

Global Economic Institutions

International Monetary Fund | World Bank

International Monetary Fund

Expert Financial Economist | Monetary and Capital Markets Department (2023-Present, On-Demand Roster)

Advise governments and central banks on monetary policy, capital markets, and financial stability issues. The IMF work keeps me connected to the policy decisions that move markets.

The World Bank

Senior Financial Economist

Advised developing countries on capital market development, financial sector reform, and cross-border investment. Worked directly with finance ministries and central banks to strengthen financial systems.

Strategic Research & Analysis

Barclays Capital | WestLB

Produced strategic research on emerging market equities, bonds, and currencies. Covered Latin America, Asia, and emerging Europe during some of their most volatile periods.

Entrepreneurship & Innovation

Pao App Inc | Real Estate Development

Pao App Inc

Co-Founder, CFO, COO

Co-founded and ran operations for an early-stage tech startup in the digital media space. Raised $1 million in unsecured capital. This experience gave me operational empathy—when I consult with firms now, I understand the pressure of payroll, the difficulty of fundraising, the complexity of building systems from scratch.

Real Estate Development

Developed multiple residential properties, managing everything from acquisition to renovation to sale.

Industry Leadership & Boards

Current Board & Advisory Roles:

  • Flinn Foundation Alumni Council (Board Member)
  • The Gardner Cheese Company (Board Member)
  • Techstars Accelerator Programs (Mentor)

Former Leadership:

  • Federal Reserve Foreign Exchange Committee
  • UBS Research Advisory Council
  • Emerging Markets Trading Association Board

Beyond Economics

I'm based in Boulder, Colorado, where I can hike before breakfast and still make East Coast market open. I'm an avid traveler—63 countries so far—and I believe you can't really understand global markets until you've haggled in Istanbul, eaten street food in Bangkok, and gotten lost in São Paulo.

I'm a Cordon Bleu-trained pastry chef (because if you're going to obsess over precision, might as well make dessert). I love ballroom dancing (pattern recognition!), camping (no cell service!), and home renovation (because apparently I enjoy projects with uncertain timelines and budget overruns).

How I Work

📊

Data-Driven, Not Dogmatic

I don't have an investment philosophy to sell you. I'm not a permabull or permabear. I look at data, consider scenarios, and help you think through implications. The goal isn't to be right—it's to be thoughtful.

💡

Clear Communication, Sophisticated Analysis

I provide institutional-quality economic analysis and communicate it with clarity. Whether I'm presenting to an investment committee or explaining portfolio dynamics to a client, I translate complex interactions into strategic context—without losing the nuance.

🌍

Global Perspective, Practical Application

Having managed money across six continents and advised governments on three, I see connections others miss. But perspective without practicality is just academic exercise. Everything I share is meant to be useful.

Let's Work Together

Whether you're looking to differentiate your RIA with institutional-quality economic insight, strengthen your investment committee's macro perspective, or simply understand your portfolio better—I'd love to help.