Beyonce and Her Dad: Why We Split Professionally

Beyonce is all grown up. After a professional lifetime together, the superstar and her father, Matthew Knowles, have parted ways, with Matthew no longer managing the "Halo" singer. PHOTOS: Beyonce and Jay-Z's romance "I've only parted ways with my father on a business level," Beyonce tells UsMagazine.com in an exclusive statement. "He is my father for life and I love my dad dearly. I am grateful for everything he has taught me. I grew up watching both he and my mother [Tina Knowles] manage and own their own businesses. They were hard-working entrepreneurs and I will continue to follow in their footsteps." PHOTOS: Her amazing bikini body Indeed, Matthew Knowles, with then-wife Tina at his side, was instrumental in launching his daughter's career as a young singer and entertainer, from the beginning of Destiny's Child and even earlier. Matthew explains to Us exclusively of the momentous decision: "We mutually agreed to part ways in terms of me managing Beyonce, as my focus is in the investment of Music World Entertainment's growing gospel and inspirational music division, which includes Top 10 artists Trinity 5:7, Brian Courtney Wilson, Micha Stampley, Vanessa Bell Armstrong and Dr. Juanita Bynum." PHOTOS: How Beyonce has evolved over the years He continues: "Because of the success of all of these artists, my focus has to be on gospel now. I am also still going to continue on with my joint venture with Columbia to work on Destiny's Child and develop new artists, like the UK pop band From Above, plus Music World's kids music division." As for who will now manage the superstar, who plans to release a new album (a follow-up to her smash I Am . . . Sasha Fierce) later this year? "Beyonce has the knowledge and experience to make that decision and no final decision has been made yet," Matthew says.