Rady Children’s Hospital will receive $120 million donation from Ernest and Evelyn Rady, an amount that ties for the second largest donation in San Diego history, to fund pediatric research and innovation in San Diego, the hospital said.

The gift will establish a research institute that will focus on preventing, diagnosing, treating and curing childhood disease through genomics research. Experts in genomics examine the DNA of a patient to develop personalized treatments for diseases.

Ernest Rady is currently executive chairman of San Diego-based American Assets Trust Inc. (NYSE: AAT). The publicly traded real estate investment trust was formed in 2011 as the successor to American Assets Inc., which was founded by Rady in 1967.

The couple's local philanthropic work is focused on education, health care and scientific research. UC San Diego’s School of Management was renamed Rady School of Management in 2004.