The Natural History Museum’s central hall is to be renamed after a £5m act of philanthropy from Sir Michael and Lady Hintze.

The couple’s donation is the single largest ever in the museum’s 133-year history and to mark the occasion, the great hall – home to the iconic skeleton of a diplodocus – will be renamed Hintze hall.

The money will be used for scientific research and to maintain collections at the museum.

Sir Michael, the founder of asset management firm CQS, said he was privileged to donate the funds.

"Our gift recognises the museum's great value as a cultural and scientific institution, enjoyed by millions including ourselves," he said.

"We feel privileged to be able to make a contribution towards securing this centre of scientific knowledge and research for present and future generations."

The Natural History Museum received more than £45m in public subsidy last year and was the third most popular UK visitor attraction in 2013. Only the British Museum and the National Gallery had more people through their doors.

The Natural History Museum is currently undergoing what head of content development Louise Fitton called a “digitally focused” revolution, with plans to redevelop the main hall, while adapting to the changing ways in which visitors consume content at the museum.