BeyonceAfter years of having her father take care of the business side of her career, Beyonce announced Monday (March 28) she has decided to part ways with her longtime manager, Matthew Knowles.

The singer’s publicist, Yvette Noel-Schure, released a statement to the Associated Press, revealing that Beyoncé and her father’s split was “on a business level.”

While their business relationship has dissolved, Beyoncé makes it clear that she still loves her father very much.

“He is my father for life and I love my dad dearly,” she told the AP.

Matthew Knowles managed his daughter’s career since she started as a member of Destiny’s Child and through her three solo albums. She is currently working on her fourth studio album.

New management has not been announced.

Her Destiny’s Child bandmates, Kelly Rowland and Michelle Williams, previously split from Knowles to pursue solo careers.

Update: Matthew Knowles released the following statement regarding the split:

The decision for Beyoncé and Music World Entertainment to part was mutual. We did great things together, and I know that she will continue to conquer new territories in music and entertainment. Currently, I am very focused on the tremendous investment that our record label has made in the gospel/inspirational genre of music and on our supremely talented roster of artists, including Trin-i-tee 5:7, Brian Courtney Wilson, Juanita Bynum, Micah Stampley, Vanessa Bell Armstrong, Pastor Rudy and others.

Music World will continue its partnership with Sony with Destiny’s Child and UK female group From Above, as well as management. We will also continue to develop the Music World family of labels: Music World Country/Compadre, Music World Kids and Music World Music. In Music World’s repositioning it will not continue its label/management role with Columbia/Sony artist Tiffany Evans.

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.