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OTRC: Beyonce's father no longer her manager

Beyonce Knowles on ABC's 'The View' November 22, 2010. (ABC)

Beyonce says that her father, Matthew Knowles, is no longer her manager.

He had helped launch the career of the Grammy-winning 29-year-old singer, who rose to fame as a member of the pop group Destiny's Child in the late 1990s and later went solo.

"I've only parted ways with my father on a business level," Beyonce told Us Weekly magazine. "He is my father for life and I love my dad dearly. I am grateful for everything he has taught me."

Matthew Knowles told the magazine: "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. I am also still going to continue on with my joint venture with Columbia to work on Destiny's Child and develop new artists."

Beyonce has mixed family with business before. She and her mother, Tina Knowles, co-launched their House of Dereon fashion brand in 2006.

" I grew up watching both he and my mother manage and own their own businesses," Beyonce told Us about her parents. "They were hard-working entrepreneurs and I will continue to follow in their footsteps."

Beyonce has not named a replacement manager. She plans to release her fourth studio album later this year.

It was reported in February that Beyonce has almost completed her new record, the follow-up to the 2008 hit album "I Am ... Sasha Fierce, which sold six million copies wordwide and earned her five Grammys.

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