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After a nearly lifelong career under the management of her father Matthew Knowles, Beyoncé has ended her business relationship with her dad -- but both insist the split was amicable.
"I've only parted ways with my father on a business level," the superstar said in a statement Monday, according to CNN. "He is my father for life, and I love my dad dearly. I am grateful for everything he has taught me."
Matthew Knowles managed his daughter's career beginning in the late '90s when she and super-girl group Destiny's Child rose through the ranks of superstardom. He continued to oversee her professional life throughout 16 Grammy awards, a major role in Dreamgirls and a marriage to rap mogul Jay-Z.
"The decision for Beyoncé and Music World Entertainment to part ways was mutual," Matthew Knowles said in a statement. "We did great things together, and I know that she will continue to conquer new territories in music and entertainment." He said that going forward his record label plans to focus on artists in the gospel and inspirational genre.
"Business is business, and family is family," he said. "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."
Beyoncé's mother Tina works as her stylist and launched a clothing line with her superstar daughter in 2000. "I grew up watching both he and my mother manage and own their businesses," she said of her father. "They were hard-working entrepreneurs, and I will continue to follow in their footsteps."
It is not known at this time who will be taking over as Beyoncé's new manager.