Hedge fund giant Marshall Wace takes big stake in IAG as airline industry faces “worst crisis” Submitted By Hugh Leask | 15/10/2020 - 12:30pm Marshall Wace, the long-running high-profile hedge fund set up by Sir Paul Marshall and Ian Wace, has taken a 3 per cent share in IAG, the owner of British Airways, Iberia, and Aer Lingus, in a reported bargain swoop for stocks and sectors hit hard by the coronavirus pandemic.