Skip to main content

Marshall Wace has picked up a 3% stake in British Airways-owner IAG, a Spanish regulatory filing from the hedge fund showed on Wednesday.

IAG last month raised €2.7-billion ($3.2-billion) to reduce debt and ride out the COVID-19 pandemic, which has hammered the global aviation industry as air travel has grounded to a halt.

The hedge fund’s bet on IAG is a sign that the fund “believes there is value in U.K. stocks”, the Financial Times earlier reported, citing a person familiar with its thinking.

London-listed IAG’s shares, which have lost more than three quarters of their value this year, closed about 1% higher at 98.26 pence on Wednesday.

The disclosure of the stake, as at Oct. 8, also comes days after the Anglo-Spanish airline group promoted Aer Lingus boss Sean Doyle to lead British Airways.

London-based Marshall Wace was founded in 1997, with U.S.-based private-equity firm KKR & Co owning a near 40% stake in the company as of Nov. 2019, according to the hedge fund’s website.

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.