The 'Single Ladies (Put a Ring on It)' hitmaker ' who has been guided by him since she first began her career in girl band Destiny's Child in the late 1990s ' is 'grateful' for her dad's backing but now wants to separate her personal and professional relationship.

She said in a statement: ' am grateful for everything he has taught me. I grew up watching both he and my mother manage me and own their own businesses. They are hard working entrepreneurs and I will continue to follow in their footsteps.

'He is my father for life and I love my dad dearly. I am grateful for everything he has taught me.'

Mathew claimed the decision for him to stop managing Beyonce was 'mutual'.

In a statement, he claimed he is still supporting his daughter and continued to be 'very proud of who she is'.

He said: 'The decision for Beyonce 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.

'Business is business and family is family. I love my daughter and I am very proud of who she is and all she has achieved. I look forward to her continued great success.'

Recently the 29-year-old beauty was criticised for accepting money from Libyan leader Colonel Gaddafi to perform a private gig on New Year's Eve 2009.

Although she donated the money she earned to the earthquake-stricken Caribbean nation of Haiti, she also blamed her father for the move.

She said: 'Ultimately, Matthew Knowles should be accountable for that decision, and I do accept responsibility.'