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Insight to close five Oeics

Insight Investment is to close five equity funds after concluding that they are no longer economically viable.

The affected funds are the European alpha, European small cap, global alpha, UK alpha and UK discretionary which will close on February 12, 2010, subject to FSA approval.

In an online update the firm says: “Insight has been informed by the principal investors in the above Funds of their intention 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.”

Insight will pay the full costs associated with the closures, except for audit costs, which will partly be met by each fund’s provisions for the cost of an annual audit as at the closure date.

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