Foster, who took over the leadership of ICM Artists in 1995, will continue as president and CEO of Opus 3 Artists; Gustafson will be managing partner.

It was reported in November that other ICM Artists employees including Patricia Winter, Neil Benson, Jonathan Brill, MaryPat Buerkle, Jason Bagdade and Caroline Woodfield are also participating in the venture.

"As an independent company, Opus 3 Artists will be able to respond immediately to our artists' needs and to develop and execute projects on their behalf with new flexibility and freedom," Foster said in a statement. "Our new business structure enables us to concentrate our resources where they will be most effective — on our artists' activities throughout the world."

ICM Artists had been a subsidiary of the larger ICM agency since 1976, when it was formed from Hurok Concerts, run by Sol Hurok, the legendary American performing arts impresario.

Opus 3 Artists inherits ICM's roster, which includes pianists Emanuel Ax, Radu Lupu, Yefim Bronfman and Lars Vogt; violinists Gidon Kremer, Gil Shaham and Midori; cellist Yo-Yo Ma; conductors Daniel Barenboim, Mariss Jansons, James Conlon and Marin Alsop; singers Patricia Racette, Stephanie Blythe, Ian Bostridge and Nathan Gunn; and many other top singers, instrumentalists, chamber ensembles and orchestras.