The CF Woodford Equity Income fund will be managed by Woodford, who left Invesco Perpetual last week in order to start his own firm.

It will invest in companies that can deliver sustainable dividend growth or be dividend players in the future.

The fund will have four share classes with fees between 0.65 per cent and 1.5 per cent with no initial fees or exit charges.

Investors will be charged according to a simplified structure wherein the only fee will be an annual management charge (AMC). All fund-related expenses will be absorbed into this fee so that the AMC and ongoing charge will be the same.

Craig Newman, chief executive of Woodford Investment Management, explained: “We are able to keep our fees low through the use of modern technology and encouraging investors to use fund platforms, execution-only brokers and financial advice channels rather than buying directly from us.

“Many investors are still needlessly paying higher fees as a result of buying directly from fund management companies in the past.”

Woodford will be running a similar portfolio to his phenomenally popular Invesco Perpetual Income fund, which was over £11bn in size at its peak.

His success over the long term continues to entice investors. The manager returned 171 per cent in the last decade versus a peer group average of 105.7 per cent, according to FE data.