The UCLA Anderson School of Management received a $5 million gift from Richard and Suzanne Kayne Thursday, which will be put towards the creation of a fund in their name.

The Kaynes gave the donation to establish the Ric and Suzanne Kayne Investment Management Specialization Program Fund, which will provide money for teaching and program development, among other services, within the Anderson school’s Investment Management Specialization Program, said Elise Anderson, spokeswoman for UCLA Anderson School of Management.

Ric Kayne is an Anderson school alumnus and Board of Visitors member, Anderson said. The Board of Visitors is a group that advises the dean of the Anderson school. Ric Kayne also is a trustee and former chairman of the UCLA Foundation Investment Committee, a group that manages donations given to the university.

UCLA Anderson School of Management’s MBA program became financially independent from the University of California earlier this year, meaning it is no longer funded by the University of California.

In a statement from the university, Ric Kayne said he and his wife made the donation to help the Anderson School become more secure as a self-supporting entity.

“Philanthropic support is vital now more than ever, as UCLA Anderson must stand on its own financial footing and continue as one of the leading business schools in the country, indeed the world,” Ric Kayne said in the statement.

Compiled by Yael Levin, Bruin senior staff.

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