Published: 11:16 GMT, 16 October 2013 | Updated: 07:38 GMT, 17 October 2013

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The news that veteran fund manager Neil Woodford will leave Invesco Perpetual next year has left his fans among analysts and investors reeling as they consider whether it is time to move their money.

A fund manager leaving a fund is not necessarily a sell-sign, but when that manager has been in the post for 25 years and built a reputation for strong returns, questions will be asked. Analysts such as Morningstar have already put their ratings for Mr Woodford’s funds on hold.

End of an era: Neil Woodford will leave Invesco Perpetual next year, we highlight five alternative funds

What’s so good about Woodford?

Mr Woodford currently controls around £30billion of investor money when the Income and High Income funds and his other investing interests are added together.

His funds also feature in the company pension portfolios of millions of workers.

The Invesco Perpetual Income fund has returned 87.7 per cent over five years, compared with 86.8 per cent in the Equity Income sector.

The High Income fund has returned 87.9 per cent, compared with an 86.8 per cent from the Equity Income sector.

But it’s over the longer term that Woodford has really shone. From February 1988 to October 2013, the High Income fund rocketed by more than 2,200 per cent, turning £1,000 into £23,265. Over the past ten years, Mr Woodford has grown savers’ money in the income funds by 215 per cent, while the average fund grew by 129 per cent.

Invesco has immediately outlined a succession plan for the many funds that Mr Woodford manages.

Darius McDermott, managing director of Chelsea Financial Services described the move as ‘probably the biggest news we’ve ever had in asset management’, but Brian Dennehy, managing director at FundExpert.co.uk, says these will not become bad funds overnight.

He said:  ‘If an investors holds no more than 10 per cent of their portfolio value in Woodford funds, there is no need to panic.

‘If more than 10 per cent is held, alternatives should be considered.’

Five of the best income funds and investment trusts

For those looking for a Woodford alternative, we have chosen five stand-out funds and investments trusts for income.