HispanicBusiness

Beyonce has announced her father, Matthew Knowles, is no longer managing her career.

"I've only parted ways with my father on a business level," EW.com quoted the singer as saying in a statement Tuesday. "He is my father for life and I love my dad dearly. I am grateful for everything he has taught me."

Matthew Knowles said in a separate statement he is proud of his daughter and remains committed to his company, Music World Entertainment.

"We did great things together, and I know that she will continue to conquer new territories in music and entertainment," the elder Knowles said. "Business is business and family is family. I love my daughter and am very proud of who she is and all that she has achieved. I look forward to her continued great success."

EW.com did not report a reason for the professional split.

The Web site said it is unclear who, if anyone, will be taking over as Beyonce's manager.