The group says the funds are now at a level that have made them uneconomical to run and have little scope to attract significant demand in the future.
The European bond fund is currently £3.6m and the UK cautious managed fund is £7.8m
Aegon is offering a free switch into another fund at the firm, while Isa investor may choose to go to another provider.
Aegon Asset Management sales and marketing director Jon Bennett says: “The funds are now at a level whereby they are uneconomical to run and this could potentially disadvantage our investors.
“This coupled with the fact that in these difficult economic times we do not believe there is the necessary longer term appetite for the funds, it means closure is the only really viable option.”