Insight has confirmed that it is closing five OEIC equity funds following Lloyds Banking Group’s decision to withdraw its money.

Customers can expect notification over the coming days of the closure of the following five funds:
- Insight Investment European Alpha
- Insight European Small Cap
- Insight UK Alpha
- Insight Global Alpha
- Insight UK Discretionary

In its letter to customers, the asset manager will explain that the date of the closures are now subject to discussions with the Financial Services Authority, but it is anticipated that all five funds will close completely on 12 February 2010.

Today, insight would only say that it has been informed by its principal investors that they would like to redeem their holdings.

“After considering the size of each Fund, excluding these principal investors’ holdings, subject to FSA approval, our intention is to close the Funds on the basis that they are no longer economically viable.”

A formal pres s statement is expected later today.