Beyonce has severed ties with her father. On a strictly professional basis, that is.

Matthew Knowles will no longer manage his daughter's career, a move Beyonce explained via the following statement:

"I've only parted ways with my father on a business level. 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 manage and own their own businesses. They were hard-working entrepreneurs and I will continue to follow in their footsteps."

Matthew, who helped launch Destiny's Child with his daughter at the center, acknowledges the split was mutual and says his focus is now on "Music World Entertainment's growing gospel and inspirational music division."

Beyonce will release a new album later this year.