Woodford will remain with the firm until 29 April, as per the announcement made by Invesco last October.

“Our transition plans have progressed well since October 2013, and Mark is ready to assume responsibility for the funds,” said Invesco CEO Mark Armour.

Star manager Woodford will move to Oakley Capital in May to launch his Woodford Investment Management business, at which point he will set up his own UK equity income fund.

Oakley will use a three-week offer period to launch Woodford’s new offering in May.

The group has already recruited a number of the manager’s former colleagues to help establish the venture, including former Invesco Perpetual sales head Craig Newman.