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Local legal restrictions

This website exclusively addresses recipients who may be lawfully supplied with the contents provided. It does not address persons in countries that prohibit the provision, consultancy and usage of the contents provided. Certain users may be prohibited from accessing the information on this website by local legislation and regulatory provisions. Persons that are subject to such prohibitions are not permitted to access the website of TBF Global Asset Management (hereafter referred to as TBF). The products or services provided that are described on this website as well as information prospectuses about these products and services are not available to citizens of the United Kingdom and the USA and also to citizens of other countries that do not permit the products and services to be offered due to local legislation and regulatory provisions.

No offer

The information and assessment on this website do not represent an invitation nor a recommendation to buy or sell investment products or perform other transactions.


No consultation

The contents provided on this website are presented solely for the purpose of general information and do not represent a consultation by TBF. Neither TBF, the authors nor the publishers are liable for the information used on this website. Please consult your legal, tax and financial adviser regarding your personal situation.
TBF shall not in any event be held accountable for damages of any kind including direct, indirect, special or consequential, which could arise from the utilisation of information from this website.

No liability

The contents of this website were prepared with the utmost care. However, TBF does not accept any liability (neither express nor tacit) for the contents of this website being accurate, complete or up to date.
It is your own responsibility to evaluate the accuracy, completeness and validity of the opinions, references, services and other information that can be retrieved on these pages.

Limitation of liability

TBF is not liable for contents that are disseminated on the TBF website, nor for resulting damage, unless TBF has caused such damage deliberately or due to gross negligence. This applies to all manner of damages, in particular, damages that can be caused by errors, delays or interruptions in the transmission, disruptions of the technical systems and services, inaccurate contents, loss or deleting of data, viruses or otherwise when using this website.


The entire content of this website is protected by copyright and TBF reserves all rights. Unless otherwise defined, all texts, images and the layout on this website are the exclusive property of TBF. Texts, images and the layout of this website may not be wholly or partially copied or disseminated without obtaining the prior written consent of TBF. Downloading and printing pages/contents from this website and presenting and using this website with a computer is only permitted for private use.

Links to other websites

The website of TBF contains links to external, third-party websites. These websites are developed and administered by persons outside the influence and control of TBF. Such sites are not monitored by TBF. For this reason, TBF cannot accept any liability for the contents, correctness, lawfulness and functionality of these external websites. The respective provider or operator of these linked sites is always the responsible person. TBF cannot guarantee that the links to other websites using hyperlinks are correct at the time this website is used. Viewing sites using links is performed at your own risk.

Monitoring data transfer/data protection

All personal data collected on this website is stored according to the basic legal conditions exclusively within the context of a registration to make contact.
By default, the name of your Internet provider, the website that you visit, as well as the date and the duration of your visit are stored by our webserver during your visit.
TBF is entitled, however, not obligated, to monitor the data transfer from and to this website. By using this website, you accept that TBF may store information about you in order to process and check access and usage. You acknowledge and agree to such information being transferred to a foreign country for the purposes mentioned above.

Google Analytics

This website uses Google Analytics, a web analysis service from Google Inc. ("Google"). Google Analytics uses "cookies", text files that are cached on your computer and permit your usage of the website to be analysed. As a rule, the information on your usage of this website generated by the cookie is transferred to and stored on a server of Google in the USA. In the event of IP-anonymisation being activated on this website, your IP address will be truncated within the Member States of the European Union or in another contracting state of the Agreement on the European Economic Area. Only in exceptional cases shall the complete IP-address be transferred to a server of Google in the USA and truncated there. On behalf of the operator of this website, Google will use this information to analyse your usage of the website in order to compile reports on website activities and perform other services connected to website and Internet usage for the website operator. The IP address transmitted by your browser within the context of Google Analytics will not be combined with any other Google data. You can prevent the storage of cookies by adjusting the relevant setting in your browser software. However, we would like to advise you that all functions of this website may not be fully utilisable in this case.

Furthermore, you can prevent the collection of the data generated by the cookie that relates to your usage of the website (including your IP address) and also the processing of this data by Google, by downloading and installing the browser-plugin available at the following link:

Browser-Add-on zur Deaktivierung von Google Analytics.

Harmful components

TBF assumes no guarantee that information, software or other material that is accessible via this website, is free from viruses, worms, Trojans or other harmful components.

Adjustments to the disclaimer

This disclaimer is amended or revised from time to time. Please visit this page every time you visit the TBF website.

Applicable law

This information is subject to the laws of the Federal Republic of Germany.


Should a provision contained in this information become ineffective, illegal or unenforceable for any reason, then the effectiveness of the other provisions remains unaffected.