Mr Woodford, who has run money for Invesco for more than 25 years, including the £13.89bn High Income and the £10.56bn Income funds, is to hand over the management of the funds to Mark Barnett after six months.
During the next six months, he will be shifting the responsibilities to Mr Barnett and the Invesco Perpetual UK Equities team, until he leaves on 29 April 2014.
With immediate effect, the UK equity components of the Invesco Perpetual Monthly Income Plus Fund and the Invesco Perpetual Distribution Fund will be managed by Ciaran Mallon alongside the existing fixed income managers Paul Causer and Paul Read.
Mr Woodford said: “My decision to leave is a personal one based on my views about where I see long-term opportunities in the fund management industry. My intention is to establish a new fund management business serving institutional and retail clients as soon as possible after 29 April 2014.”