UBS Group Lowers Voting Stake in Judo Capital Holdings to 5.53% as of July 2026

Overview of Judo Capital’s Market Role and Business Model

Judo Capital Holdings Limited, listed on the Australian Securities Exchange under ticker JDO, operates within Australia’s competitive financial services and lending sector. The company specializes as a non-bank lender serving residential and commercial lending markets. Its business model positions it as a specialist lender subject to regulatory oversight and attractive to institutional investors worldwide.

As a publicly listed company, Judo Capital maintains a significant institutional shareholder base. UBS Group’s reduction from 6.85% to 5.53% voting power reflects routine portfolio rebalancing by large asset managers. Although this change moves UBS below some regulatory substantial holding thresholds, the remaining stake remains meaningful given UBS’s global investment scale.

UBS’s Complex Global Holding Structure in Judo Capital

UBS Group AG’s stake in Judo Capital is held through a multi-entity structure spanning several jurisdictions. Prime brokerage holdings are maintained through UBS AG Australia Branch and UBS AG London Branch, which hold shares under borrowing rights pursuant to prime brokerage agreements. UBS Securities Australia Ltd holds shares beneficially via Brispot Nominees Pty Ltd. This layered structure is typical for large global financial institutions managing diverse portfolios across multiple regulatory environments.

Asset management holdings include UBS Asset Management (Australia) Ltd with 14,006,693 shares—the largest single allocation—alongside UBS Asset Management (Europe) S.A. and UBS Asset Management Switzerland AG. UBS Fund Management (Switzerland) AG holds 2,237,467 shares, illustrating UBS’s broad investment vehicles accessing Australian financial services through Judo Capital. Stock lending and borrowing arrangements managed by various custodians further contribute to the dynamic portfolio management typical of major asset managers.

Details of Share Reductions and Voting Power Changes

The voting stake reduction resulted from a net disposal, decreasing UBS’s holdings from 76,777,592 to 61,958,193 ordinary shares—a 1.32 percentage point drop in voting power. The company did not disclose detailed transaction breakdowns, but the change was effective on 17 July 2026. This adjustment aligns with standard portfolio management practices and does not necessarily indicate a strategic exit.

The diversified nature of UBS’s holdings—across asset management, prime brokerage, and stock lending—means some reductions may stem from client redemptions, mandate changes, or hedging activities rather than a coordinated corporate decision.

Prime Brokerage and Stock Lending Components in UBS’s Judo Capital Stake

UBS AG Australia Branch holds 3,257,918 shares as a prime broker exercising borrowing rights, while UBS AG London Branch holds 30,118 shares under similar arrangements. These shares are borrowed from clients or counterparties, granting UBS legal title and voting rights but with obligations to return equivalent shares.

Stock lending and borrowing components include 1,433,690 shares held through custodians, with UBS controlling disposal rights. Warbont Nominees Pty Ltd, a UBS-related entity, holds the largest stock lending component at 30,372,243 shares. These holdings are typically more liquid and subject to frequent changes, reflecting securities financing and client lending programs.

Asset Management Holdings as Core Long-Term Investments

UBS Asset Management (Australia) Ltd, located at Level 16 Chifley Tower, Sydney, holds 14,006,693 shares, representing the largest single fund-managed position. This reflects UBS’s institutional exposure to Australian financial services through managed funds.

European asset management entities also hold Judo Capital shares: UBS Asset Management (Europe) S.A. holds 548,819 shares across Luxembourg and Frankfurt branches, and UBS Asset Management Switzerland AG holds 29,412 shares in Zurich. These holdings demonstrate UBS’s multinational investment approach and European investor interest in Australian financial assets.

Timing and Regulatory Disclosures of Voting Power Change

The voting stake reduction took effect on 17 July 2026, with regulatory notices submitted on 15 and 21 July 2026. These disclosures comply with Australian Corporations Act requirements for substantial holding notifications within two trading days of changes. Authorized signatories Dominic Eichrodt and Ruby Ko of UBS Group executed the filings, with Ruby Ko serving as Group Compliance & Operational Risk Control contact.

These regulatory filings ensure market transparency regarding major shareholder shifts, providing investors with updated ownership information. The reduction below 6.85% marks a significant change in UBS’s substantial holding status.

Distribution of Shares Among UBS Legal Entities

UBS’s Judo Capital shares are held across eleven legal entities. UBS Securities Australia Ltd holds 9,872,250 shares beneficially via Brispot Nominees Pty Ltd, the second-largest single holding after UBS Asset Management (Australia) Ltd. Prime brokerage holdings via UBS AG Australia and London branches total 3,288,036 shares. Various custodians hold shares on behalf of UBS’s asset management and lending operations.

This diversified ownership structure reflects UBS’s multiple business lines—prime brokerage serving institutional traders, asset management managing funds, and securities entities facilitating proprietary trading or market-making. For Judo Capital shareholders, this multi-entity holding indicates aggregated exposure rather than a single unified investment decision.

Geographic Reach of UBS Entities Holding Judo Capital Shares

UBS’s Judo Capital holdings span Australia, the United Kingdom, Luxembourg, Germany, and Switzerland. Australian operations are centered at Level 16 Chifley Tower, Sydney, housing UBS AG Australia Branch, UBS Asset Management (Australia) Ltd, UBS Securities Australia Ltd, and related nominees. This hub supports regulatory compliance and operational efficiency.

European entities include UBS AG London Branch at 5 Broadgate, UBS Asset Management (Europe) S.A. in Luxembourg and Frankfurt, UBS Fund Management (Switzerland) AG in Basel, and UBS Asset Management Switzerland AG in Zurich. This geographic distribution highlights UBS’s global investment footprint and client base seeking exposure to Australian equities.

Regulatory Impact and Substantial Holding Status Considerations

The reduction to a 5.53% voting stake affects UBS’s regulatory disclosure obligations and shareholder governance in Judo Capital. Although below previous thresholds, the holding remains substantial at over 61 million shares. The disclosure fulfills Corporations Act requirements and enhances market transparency regarding major shareholder changes.

For Judo Capital, this shift may influence voting dynamics and shareholder concentration at upcoming meetings. Institutional investors often coordinate governance voting, and changes in holdings can alter power balances. However, no details were provided on UBS’s rationale or strategic implications for Judo Capital’s governance or operations.

Market Context and Institutional Investment Trends

UBS’s stake adjustment reflects typical portfolio rebalancing by global asset managers responding to client flows, market conditions, and risk management. The reduction from 6.85% to 5.53% is an incremental change common among institutional investors and does not necessarily signal a change in investment outlook.

Judo Capital’s ability to attract sustained investment from major global asset managers like UBS validates its business model and market position within Australia’s financial services sector. The evolving shareholder composition may prompt other institutional investors to reassess valuations and strategic positioning. No specific guidance was provided on future shareholder changes or strategic impacts from UBS’s adjustment.