However, in doing that, they could be exposing that client to ‘key man risk’ and this is something that advisers need to be mindful of, particularly in the wake of Neil Woodford’s recent departure announcement.

This year alone three ‘star’ managers have given up their thrones – Anthony Bolton confirmed he was retiring in April next year, Richard Buxton quit Schroders and headed for Old Mutual Global Investors and Mr Woodford announced that he was leaving Invesco Perpetual after 25 years of service.

These names are not uncommon in portfolios and it is likely that a single investor would hold funds managed by more than one of them.

Eleanor Hope-Bell, head of SPDR UK at State Street Global Advisors, says: “One challenge with star fund managers is the dependency on one individual who makes decisions and is the face of the fund.”

The following pages highlight not only alternative UK equity income funds, but also some that offer exposure to Asia, Europe and a selection that have a global mandate – all of which have stellar track records.

Of course, there are other ways to generate that income that certainly should not be overlooked. Investment trusts, for example, have a long history of increasing dividends to shareholders – the City of London investment trust has increased its dividend consistently for more than 40 years.

Equally, property or, indeed, fixed income (although areas of this sector have succumbed to central bank pressures this year) deserve a place in an income portfolio.

Mr Woodford’s exit from Invesco Perpetual is the biggest news to hit the industry this year, but it shouldn’t be the focus when your clients come looking for income.

Now, more than ever, it is important to diversify any portfolio both in terms of assets, sectors, regions and the underlying managers.

Jenny Lowe is features editor at Investment Adviser