Lucio Sarno

Professor of Finance

JM Keynes Fellow in Financial Economics, University of Cambridge

MSc, PhD (University of Liverpool)

My research interests include international finance, empirical asset pricing, currency markets, asset management, microstructure, the interaction between macroeconomics and financial markets, especially the effects of monetary and exchange rate policy on asset prices. I was previously Director of Currency Research in the Fixed Income and Currency Team of AXA Investment Managers.

I’m a member of the Finance subject group at Cambridge Judge Business School, which focuses on the investment and financial decisions of firms and institutions.

Professional experience

Professor Sarno has held full-time senior positions in the private sector, including as Director of Currency Research in the Fixed Income and Currency Team of AXA Investment Managers. He has wide-ranging consulting experience in the finance industry, involving some of the world’s leading asset management firms, hedge funds, sovereign wealth funds, investment banks, and their research units.

He has also been involved in policy advice, training, research and consulting projects for a number of policy making institutions, including the International Monetary Fund, the European Central Bank, the Federal Reserve Banks of New York and St Louis, the Bank for International Settlements, the Bank of England, the Bank of Canada, the Central Bank of Norway, the Italian Ministry of Economy and Finance, the World Bank, and the European Commission.

Professor Sarno is or has recently been a member of the Senior Advisory Board of the Department of the Treasury of Italy, and a Consultant for the Bank of England and the International Monetary Fund.

He is also a Research Fellow of the Centre for Economic Policy Research.

Previous appointments

Prior to joining the University of Cambridge, Professor Sarno was a Professor of Finance at the University of London (Cass Business School), where we also served as Deputy Dean and Head of the Faculty of Finance; the Tommie Goh Distinguished Chair Professor of Finance at the Lee Kong Chian School of Business, Singapore Management University (part time); a Professor of Finance at the University of Warwick, where he also served as Associate Dean of Research and Head of the Finance Group; the Schröder Fellow in Economics at University College, University of Oxford; a postdoctoral scholar at Columbia University.

Selected publications

Visit Professor Sarno’s website to see a selection of his publications.

Awards and honours

  • WINNER (Wealth Innovation, Neuro- and Entrepreneurial Results) Prize, 2019
  • Runner-up, WINNER (Wealth Innovation, Neuro- and Entrepreneurial Results) Prize, 2017
  • Best Paper Prize, FIRN Annual Conference, CFA Institute, 2017
  • Best Paper Prize for Investments, Western Finance Association, 2013
  • Best Paper Prize, INQUIRE, 2011
  • Listed in the “Best 40 under 40 Professors” (a listing of the best 40 business schools professors under the age of 40), Poets & Quants, 2011
  • Best Paper Prize, INQUIRE, 2010
  • Best Central Bank Research Paper, CEPR, 2007

Visit Professor Sarno’s website to view the full list of awards and honours.

News and insights

Room with bookshelves full of reading materials and a comfy armchair to read in.

Three Cambridge Judge faculty – Lucio Sarno, Raghavenda Rau and Elroy Dimson – are cited in study as among the most prolific authors of papers in top finance journals.

Financial trader facing two computer monitors as she analyses the data and graphs in front of her.

Global strategy and international business

Voluminous breakthrough

Foreign exchange volume helps predict the following day's returns, finds study co-authored by Professor Lucio Sarno of Cambridge Judge Business School.