US fund managers eye Lloyds' Insight arm -sources

* US fund firms consider bids for Insight

* Bids for the unit due imminently

* First round bidders pre-selected

By Victoria Howley and Simon Meads

LONDON, June 19 (Reuters) - U.S. investment managers are circling Lloyds Banking Group's (LLOY.L: Quote, Profile, Research) third-party asset management arm, after rival BlackRock scooped up Barclays Global Investor, people familiar with the situation said on Friday.

Bids for Insight Investment's third party business are due imminently from a small group of pre-selected bidders, two people familiar with the process told Reuters on Friday.

"The pre-selected parties are mainly trade bidders. The process will be opened up more widely if the offers are too low," one of the people said.

Lloyds and Insight Investment declined to comment.