Investment houses exposed to the fledgling asset management industry in central and eastern Europe are managing to offset weakness in western Europe as investor appetite in the continent’s former communist states remains robust.

Stripping out low-margin money market funds, the CEE’s mutual fund markets showed net outflows of just €6bn (£5bn, $9bn) in the first six months of the year compared with nearly €164bn in western Europe, according to data from fund information service Lipper Feri.