Invesco Perpetual's multibillion-pound man Neil Woodford will leave the fund manager next April and plans to set up his own business serving both institutional and retail clients.

Woodford is to remain as manager of the £13.9 billion Invesco Perpetual High Income and £10.6 billion Income funds until his departure on April 29, 2014, when Mark Barnett will take over as head of UK equities.