Core Viewpoint - Virtus Investment Partners has announced a definitive agreement to acquire a majority interest in Keystone National Group, expanding its offerings into private markets with a focus on asset-backed lending strategies [1] Group 1: Transaction Details - The acquisition involves a purchase price of $200 million at closing, with an additional potential $170 million in deferred consideration based on future revenue targets [1] - The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions [1] - Virtus plans to finance the acquisition using existing balance sheet resources [1] Group 2: Keystone National Group Overview - Keystone National Group, established in 2006, specializes in asset-centric private credit and has over 20 years of experience managing private credit assets [1][2] - As of October 31, 2025, Keystone managed $2.5 billion and has deployed over $6 billion in more than 750 transactions [1] - Keystone's flagship fund, the Keystone Private Income Fund (KPIF), has $2.0 billion in assets and is recognized for its stable investment performance [1] Group 3: Management and Operations - Keystone's management team will retain significant equity and enter into long-term employment agreements post-acquisition [1] - Keystone will maintain autonomy over its investment process and day-to-day operations, preserving its culture and brand identity [1] - The firm employs approximately 40 individuals and operates from Salt Lake City, Utah [2]

Group 1: Air Canada - Air Canada is set to cut approximately 400 management positions, representing about 1% of its total staff, following an extensive review aimed at optimizing efficiency and supporting business operations [2][7] - The airline's decision comes after a period of financial strain, including a strike that reportedly cost the company $375 million and led to a lowered adjusted earnings forecast for the year [2][7] - Air Canada is scheduled to report its third-quarter 2025 results on November 5 [2] Group 2: Financial Sector - Fitch Ratings indicates that private credit investments are becoming a significant component of business models for U.S. life insurers, particularly those associated with alternative asset managers (Alt IMs) [3][7] - Alt IM-owned insurers have seen an 8.0% Compound Annual Growth Rate (CAGR) in their GAAP basis invested assets from year-end 2019 to June 30, 2023, contrasting with a 0.6% decline for the broader U.S. life insurer market [3] - AM Best noted a 6% increase in private credit holdings by U.S. life and annuity insurers in 2024, with these assets having doubled over the past decade [3] Group 3: Geopolitical Developments - NATO Secretary General Mark Rutte stated that the decision regarding the supply of Tomahawk missiles to Ukraine remains "up for review" by the U.S. President, with individual allies determining the type of weapons to provide [4][7] - The upcoming meeting between Ukrainian President Volodymyr Zelenskyy and U.S. President Donald Trump is expected to address the topic of military aid, including potential Tomahawk supplies [4] Group 4: Natural Events - A magnitude 6.1 earthquake struck off Japan's southeastern Nemuro Peninsula, with no tsunami threat reported and no immediate injuries or significant damage [5][7]