The £1bn UK growth fund will pass to Martin Walker, whose £204m UK opportunities fund will be merged into the fund.
Walker will also run the UK component of the international equity fund and the offshore UK equity fund.
Meanwhile, the £283m UK aggressive fund will pass to Stephen Anness, with Walker’s £13m UK focus fund set to be merged into the aggressive fund.
Burke has been a strong performer for Invesco since he took on both funds. However, the past 12 months have seen both UK growth and aggressive funds undergo a major downturn with both funds producing bottom quartile returns.
Invesco Perpetual head of investments Neil Woodford says: ““Ed has achieved great success as a fund manager but individual circumstances alter and I respect the decision that he has taken. Invesco Perpetual has a highly talented investment team that has worked together for many years. Change is a fact of life, however, and we are well prepared as a result of our long-term succession planning.
“We have developed a strong “next generation” of talented fund managers in Henley and Ed and I are confident that Martin and Stephen are both extremely capable of taking over management of these funds.”
Burke says: ““I am proud of what we have achieved as a team and believe that now is a good time for me to consider a change. The UK equities team is a strong one with many talented individuals and, having worked with both Martin and Stephen for a number of years, I have complete faith in their ability to continue to produce good long-term returns for investors”