Vega Asset Management, the Spanish macro global hedge fund operator, is set to close its most ambitious fund to new investors after reaching more than $2.2bn (€1.8bn).

Michael Mann, president of Vega, said the company would close its Select Opportunities fund to new investors at the end of July. He said: "The fund's ability to react nimbly to events and market action plays a great part in its success. The manager has decided to apply the brakes for the time being and to moderate the rate at which Select will grow."