In his new role, Cutts will be responsible for The Economist's syndicated surveys and online reader panels, among other things, reporting to head of operations Alan Dunachie.
He joins the news magazine's six-strong ad marketing team, which works closely with the sales department.
Dunachie said: "Phil's long experience in demonstrating the value of a particular medium makes him a huge asset to a media owner like The Economist. He brings exactly the right skills to enhance our strong commercial team and we are delighted to have him as we continue to grow our business."
Cutts' role at the professional magazine body was among several made redundant this summer following the arrival of chief executive Jonathan Shepherd earlier this year.
A board director of the NRS and one of the founding members of FIPP's international research committee, Cutts carved out a niche for himself as one of the key ambassadors of British magazines during his 19-year tenure at PPA.
He was responsible for promoting the magazine industry through research, events and marketing campaigns.
Shepherd is in the process of consolidating PPA's marketing and research departments into a single research unit, while folding its conferences and awards events into a new, single events department.