Justin Bieber Parts Ways with Business Manager Lou Taylor, Hires Johnny Depp's Financial Advisor

UPDATE: On Sunday, June 16, a representative for Justin Bieber told PEOPLE exclusively: "Scooter Braun and SB Projects are not involved in Justin's current business or management and will not be involved moving forward. Justin is excited about the projects he is currently working on and is focused on what’s in front of him."

Justin Bieber is no longer working with his business manager, Lou Taylor, and has hired Johnny Depp’s financial manager, PEOPLE can confirm.

"They parted ways a few weeks ago in May," a source says of Bieber and Taylor. "It was a mutual and seamless transition. It wasn't a fit anymore."

Bieber, 30, connected his companies — Bieber Time Touring LLC, Justin Bieber Brands LLC and Bieber Time Merchandise — with Taylor's company, Tri Star Sports And Entertainment Group, in 2022.

The star's longtime manager, Scooter Braun, is still managing the musician, per the source. "[Bieber's] still in a contract and won't be out of it for a long time," they say. However, multiple sources tell PEOPLE that Braun, 42, and Bieber haven't worked together in months.

Representatives for Braun did not immediately respond to PEOPLE's request for comment.

Bieber has now hired Depp's business manager, Edward White, who founded Edward White & Co. in 1976.

The California-based firm, which recently merged with Eide Bailly, provides tax and consulting services and has a client list of several Hollywood figures, including Jack Nicholson and Allen Paulson, as well as Lena Horne and Vin Scully’s estates.

"[Taylor] has been supporting them in the transition with Edward White," the source tells PEOPLE.

White has been working with Depp, 61, since 2016. In 2022, he testified in Depp’s defamation lawsuit against his ex-wife Amber Heard.

Before the Depp v. Heard trial, White assisted the actor with his finances in 2017 and helped him in a lawsuit against The Management Group over the mishandling of his finances.

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Bieber's latest move comes after he sold his 291-song catalog to Hipgnosis Songs Capital in 2023. Billboard priced the deal at just over $200 million.

The move meant that he sold the rights to every song he's released, or had interest in, up until the end of 2021, including his six studio albums — My World 2.0, Under the Mistletoe, Believe, Purpose, Changes and Justice — and other projects including My World and Journals, as well as the hit singles "Baby," "Boyfriend," "What Do You Mean?" "Sorry," "Love Yourself," "Yummy," "Holy" and "Peaches," among others.

Hipgnosis now owns a 100% interest in profits made from Bieber's writing and recording credits as well as "neighboring rights," otherwise known as the money made from any public plays of the song in stores, restaurants, etc.

His recorded masters, however, will continue to be owned by Universal Music Group in perpetuity.