Tiger Group Appoints Managing Director of Newly-Formed Receivables Division
Bruce Passen, a 40-year veteran of the debt purchasing field and former principal of Bikaver Group and CEO of Hilco Receivables, has joined Tiger Group as Managing Director of the company’s newly-formed Tiger Receivables division.
Based in Chicago, Passen will direct all account receivables (A/R) 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 reports to Tiger CEO and Managing Member Dan Kane.
“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.”
Most recently, from 2010 to 2017, Passen was a principal with Bikaver Group, LLC in Chicago, 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. Prior to that, he was CEO of Steamboat Partners LLC, a Chicago-based start-up focused on purchasing commercial debt from companies that were in liquidation, as well as appraising debt values for banks and other financial institutions.
From 2000 to 2007, as CEO of Hilco Receivables, Passen managed the start-up and operations of the Chicago-based business. At the time the business was sold to Cerebus in 2007, it was managing over $5 billion (face value) of consumer and commercial debt. Earlier in his career, he was CEO of debt collection company Abacus Financial Management Services, also in Chicago.
A resident of Chicago, Passen earned a B.A. from the University of Colorado, Boulder.