Excerpt: The President seeks the approval of the Regents to establish and participate in a separate §501(c)(3) nonprofit corporation (referred to herein as “Newco”), tasked with managing the types of intellectual property (IP) including technology transfer and industry - sponsored research contracting (ISR) at UCLA currently managed by UCLA’s Office of Intellectual Property and Industry Sponsored Research (UCLA OIP-ISR). The Regents will retain all ownership rights, as they currently exist, in IP created at UCLA and any funds generated through ISR and IP licensing and commercialization. ...(T)he only effect of this Proposal upon the existing process for managing IP and ISR at UCLA will be to introduce a new decision-making body, the Board of Directors of Newco, comprised primarily of individuals with extensive experience in the business of commercializing research...
Full report at http://regents.universityofcalifornia.edu/regmeet/may13/f5.pdf
There is no indication in the report that creation of the new entity would affect royalties or other income that faculty earn from innovations under current policy. Presumably, more details will emerge as the Regents' Committee on Finance discusses the report on May 15.
Meanwhile, if you aren't convinced the name is taken, head for Scotland: