Cavalry Portfolio Services, which bought part of the former Conseco Finance Corp. business, continues to expand in downtown St. Paul, MN.
The company, which buys consumer debt and then collects payment on the loans, plans to add 50 people to its staff of 140 by year’s end, said Stephen Anderson, executive vice president of operations for New York-based Cavalry. Next year, it hopes to add 150 people and double its office space in the Hamm Building, he said.
These are mainly collections jobs, Anderson said. Cavalry collectors earn an average of $60,000 a year in salary and bonuses, he said.
If the office continues to grow, the company may open a second site in Minneapolis, Anderson said.
In late 2002, Cavalry purchased a 70-employee loan collection center and about $1.3 billion in credit card, mobile-home and other loans that bankrupt Conseco Finance in St. Paul had written off as losses. Such acquisitions have helped Cavalry increase its loan portfolio to $14 billion from $3 billion in 2001.
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