Mathew Knowles says Beyonce's decision to part ways with him as a manager  was part of her growing up.
In an interview with The Associated Press on Tuesday, Knowles called his daughter a "very, very smart businesswoman" who is ready to take control of her own career.
"It should come as no surprise that at 29 years old, almost 30, that she wants to have more control of her business," he said.
Beyonce announced Monday that her father would no longer manage her career. He had done so since she was a child, and took her from multiplatinum success with the group Destiny's Child to a superstar solo career, with blockbuster albums, top movies, a clothing line and lucrative endorsement deals under her belt.
The Grammy winner didn't indicate who her new manager might be, but Knowles said he hoped that person would sustain his daughter's "level of success."
"Beyonce, I feel is the No. 1 artist in the world right now," he said. "And that's a great feeling, as a father and manager."
Knowles said he's got his hands full with his Music World Entertainment label and its burgeoning gospel roster, which includes Trin-i-tee 5:7, Micah Stampley and Vanessa Bell Armstrong, so he won't be tempted to offer Beyonce unsolicited business advice.
However, he noted that he's still manager for Destiny's Child. Although the trio of Beyonce, Kelly Rowland and Michelle Williams officially "retired" a few years ago, Knowles said they might reunite one day.