And M&A was down. It was down really because it's just a lumpier business for us. I don't think, again, in backlog, anything really stands out. But the quarter -- they were down for the quarter.And our Tax Credit Funds last quarter had a very big quarter, and not as good of a quarter this month -- this quarter. So if you add that all together, we had a lot of headwinds into the Equity Capital Markets segment. But again, not backlog related, but I do think market related.
Raymond James Financial's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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