Pinsent Masons has remained on top of the AIM adviser rankings with 59 clients, despite losing five clients over the course of the last quarter, the latest data shows.

According to data for the three months to 7 July the firm had more AIM clients than any other, a title it also held last quarter.

Carey Olsen remains in second place in the table with 42 clients, and Memery Crystal, previously joint second, slips to third with 40 clients.

The top five is rounded out by Wragge Lawrence Graham & Co and Kerman & Co on 39 and 37 clients respectively.

The rankings, compiled by finance data provider Adviser Rankings using Morningstar data, show DWF as among the biggest winners after it added three clients over the course of the quarter.

The rankings award a single point for each client relationship, regardless of whether it is a sole or joint appointment.

Pinsent Masons corporate partner Anna Brown explained the firm's dip in clients. She said: "It is common for AIM clients to fluctuate, things can go up and down and clients can come off the market."

She added that the firm was still top of the rankings "by quite a clear margin".

Fieldfisher corporate partner Neil Matthews described the AIM market as "buoyant".

He said: "One of the trends we have seen the last couple of years has been a focus on UK companies again. A few years ago there was a heavy predominance of overseas mining and oil and gas stocks, now there is a lot more investment in UK companies, particularly technology and life sciences companies."

Wragges ranked fourth in terms of the number of clients, but topped the rankings when it came to market capitalisation, acting for clients with a combined market cap of £6.6bn.

Wragges' corporate head Sunil Kakkad said: "Our focus has historically been very much on the top two quartiles – that is partly demonstrated in the ranking in the total number of AIM clients by market capitalisation where we consistently lead the tables."

The upcoming merger of Wragges and Gowlings, which was announced last month and is set to take effect from January 2016, could create an AIM powerhouse.

At present Wragges advises 39 clients and Gowlings advises 22. The merger should see the combined firm shoot up the rankings.

Kakkad described the merged as an "exciting development". He said: "Until a few years ago we consistently ranked first or second in a number of other tables but in the last few years that has changed.

"When Pinsent Masons merged with McGrigors it leap-frogged a number of firms, including us and Memery Crystal, I expect that when our combination with Gowlings takes effect there will be a similar disruption to the rankings."