The University of Miami announced Tuesday it will rename its business school after local philanthropists Patti and Allan Herbert.
The newly christened University of Miami Patti and Allan Herbert Business School honors what the university calculates to be more than $100 million in lifetime giving from the Herberts, best known locally as the owners of the Richmond Hotel on Miami Beach. Allan Herbert is also past president of Financial Indemnity, an auto insurance subsidiary of Unitrin, Inc; Patti is retired from the Los Angeles office of commercial real estate group Grubb & Ellis. The pair split their time between Miami Beach and Beverly Hills.
“Patti and Allan Herbert have shown unbounded passion and a deep commitment for their alma mater for the past six decades, supporting a number of colleges, schools, and programs over the years,” said President Julio Frenk in a statement. “They have always kept the success of our students first, and this most recent gift will help generations to come.”
The Patti and Allan Herbert Wellness Center was previously named in their honor.
“The University is very special to both of us,” Allan Herbert said in a statement. “It is where we got our education, made life-long friendships, gained leadership skills, and met our life partners.”
John Quelch, dean of the Miami Herbert Business School, Leonard M. Miller University Professor, and vice provost for executive education, called the gift a vote of confidence.
“A terrific example for our 47,000 alumni,” he said in a statement.
The university also announced the Herberts will now match gifts up to an established amount that are earmarked for some of the school’s key initiatives, like endowed chairs, academic programs, and student scholarships.