Artisan Partners’ Global Value Team and International Value Group urged the UBS Group AG board to consider leaving Switzerland, arguing that proposed capital requirements would impose excessive costs on shareholders. The teams, which began investing in UBS in 2015 and collectively manage accounts owning more than 60 million UBS shares, said current rules require $56 billion of core equity tier one (CET1) capital, while the proposal likely to become law would raise that figure to $72 billion. They said the additional $16 billion could earn a 15% return, generating $2.4 billion in annual net income in a jurisdiction with less demanding rules. Valued at a 15-times multiple, that lost earnings capacity represents about $36 billion, or roughly 23% of UBS’ current market value, and the groups said the cost would compound as the bank grows.