This is proving a challenging year for Aim. There are unlikely to be any records to crow about if the trends shown by Arbuthnot’s latest survey of institutional investors are anything to go by.

More than 80, including venture capital trusts and private client brokers, responded, up from 50 when the survey was launched four years ago. But their willingness to invest in the junior market has fallen sharply. Only 38 per cent said they intend to invest more in Aim this year. The figure compares with 47 per cent last year, and 62 per cent in 2006. No one should be surprised, given the impact of the credit crunch. But you have to wonder what the repercussions will be if the level continues to fall at such a rate.