Business is business right? Even between father and daughter? Official word came out yesterday that Beyonce has dropped her long time manager (and father) Matthew Knowles who has managed her ever since her early pre-Destiny’s Child days. No word on who will be filling in for management duties. Matthew recently released this statement in response:

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.

To those in the industry, the news really isn’t that big of a surprise. Rumors have been running for years that Beyonce and Daddy Knowle’s business relationship was on the rocks.