U.S. asset manager Artisan Partners, a top-20 investor in UBS, has urged the bank to move its headquarters out of Switzerland in a letter to the board. Artisan manages more than 60 million UBS shares. It said Switzerland is “no longer an attractive or desirable location for UBS” because of proposed capital requirements.
The demand follows a move by Switzerland’s upper house of parliament to require UBS to back its foreign units with 90% Common Equity Tier 1 (CET1) capital. The proposal stems from the collapse of Credit Suisse in 2023. Artisan calls the rules “punitive.” It says they could require UBS to hold an additional $16 billion in capital and potentially erase $36 billion in market value.
UBS has acknowledged the investor pressure but says it intends to remain a global bank based in Switzerland. The bank will continue to advocate for regulations it considers more proportionate and internationally aligned as the proposal moves to the lower house of parliament.