Rady School of Management, at University of California, San Diego, has received a $1 million matching gift donation pledge from local philanthropist Ernest Rady.

Officials said the gift from the school’s naming donor will fund fellowships that will help attract outstanding MBA students. Rady has pledged to donate one dollar for every 60 cents raised by the school for fellowships, up to $1 million.

Fellowships provide merit-based funding for talented students interested in attending the Rady School.

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.

Rady’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.