Bill Gross Sells Portion of Stamp Collection for $4.5 Million
- Pimco Foundation to get $2 million from the stamp sale
- Gross created foundation, remains 'firm believer' in mission
Billionaire bond manager Bill Gross sold a portion of his stamp collection for $4.5 million and will donate some of proceeds to the foundation he created at his former employer, Pacific Investment Management Co.
Gross, who now co-manages the Janus Global Unconstrained Bond Fund, will give $2 million to the Pimco foundation, according to a statement Wednesday. Gross left Pimco in September 2014 amid a public falling out with other managing directors and lagging results at his Pimco Total Return Fund. The money manager is suing Pimco, claiming he was ousted so that the firm wouldn’t have to pay him his $200-million cut of the bonus pool -- a claim Pimco denies.