Bruce Passen, a 40-year veteran of the debt purchasing field, joined Tiger Group as managing director of the company’s newly-formed Tiger Receivables division.
Based in Chicago, Passen will direct all account receivables purchase activities for the asset valuation, advisory and disposition services firm. His role includes sourcing A/R purchase opportunities, as well as reviewing pricing and collection strategies for all A/R portfolios that are purchased by Tiger or managed on a fee basis for the firm’s clients. He will report to Dan Kane, Tiger CEO and managing member.
“As some of our transactions involve purchasing or assisting in collecting accounts receivable, we realized that having in-house expertise was important,” said Kane. “With his experience and knowledge of the accounts receivable business, Bruce is the perfect person to lead our new division.”
Passen has a long history of development in leadership positions. He was CEO of debt collection company Abacus Financial Management Services, before becoming CEO of Hilco Receivables from 2000 to 2007. At the time the business was sold to Cerebus in 2007, it was managing more than $5 billion (face value) of consumer and commercial debt. He then took over as CEO of Steamboat Partners, a Chicago-based start-up focused on purchasing commercial debt from companies that were in liquidation.
Most recently, from 2010 to 2017, Passen served as a principal with Bikaver Group, where he provided consulting services for banks and other financial institutions to value A/R pools, and was also involved in the purchase and co-purchase of portfolios on a deal-by-deal basis.