MILWAUKEE, Sept. 30, 2026 (GLOBE NEWSWIRE) -- The Artisan Partners Global Value Team and International Value Group today sent a letter to the board of directors of UBS Group AG. The full text of the letter is as follows:

September 30, 2026

UBS Group AG
Bahnhofstrasse 45
CH-8098
Zurich
Switzerland

Members of the Board of Directors:

We represent the Artisan Partners Global Value Team and the Artisan Partners International Value Group. Each of our teams initiated its investment position in UBS Group AG (“UBS”) in 2015, and collectively investment accounts we manage on behalf of our discretionary investment management clients own more than 60 million UBS shares.

We have watched closely the debate in Switzerland regarding changes to UBS’ capital requirement. We had expected that cooler heads would ultimately prevail in this debate. But alas, it now appears that Switzerland will impose upon UBS excessive and unnecessary capital conditions. We will not relitigate the many flaws of the government’s proposals. They are self-evident to informed observers.

The simple fact is that Switzerland is no longer an attractive or desirable location for UBS. Aside from the temporary friction and cost of changing domicile, there is no compelling reason for UBS to remain a Swiss company. And indeed, there are about 36 billion reasons for UBS to leave.

Current capital rules require UBS to hold USD 56 billion of core equity tier one (CET1). The current proposal likely to become law raises that to USD 72 billion. That is USD 16 billion of shareholder capital that will earn zero return. In a different jurisdiction with capital rules closer to current Swiss rules, that USD 16 billion of capital could generate a 15% return, or USD 2.4 billion of additional net income. At a 15X multiple, that is USD 36 billion of foregone market capitalization, which is equal to roughly 23% of UBS’ current value. That foregone value will only compound as UBS grows.

This cost is excessive, punitive and unnecessary. We urge the Board to act in light of the grim reality in which UBS now finds itself and part ways with a country and a regulatory structure that leave it no real choice.

Regards,

Press Inquiries
Eileen Kwei
800.399.1770
eileen.kwei@artisanpartners.com