Invescor Ltd. says it is closing down for lack of business.

Mike Leibowitz, president of Invescor, Farmington Hills, Mich., told business associates in a letter July 1 that the firm began seeing a significant reduction in institutional investors’ purchases of life settlements last year.

“That trend carried into 2010 and was most acute in the first quarter,” Leibowitz says. “Although institutional investment is slowly returning, the purchasing behavior remains very selective, and offers are deeply discounted from previous norms.”