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.
Fixed income kind of started to recover from a poor quarter, the previous quarter, as it was in the industry. And especially, December was pretty strong, and January was off to a good start also. So -- but -- so most of that Capital Markets numbers you see are really focused on the Equity Capital Markets segment.
On the Asset Management business, again we had a slight down draft because of our billings. But you can see that the assets under management are up 9%. So a reasonable quarter given the start, we do, as you can see from the earnings from the segment, do have leverage in that segment. So as the revenue's up, we get a leverage up or down on the pretax profits from there. So I think, again, we should bode well a good start on the Asset Management business.Read the rest of this transcript for free on seekingalpha.com
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