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Axial is excited to release our 2024 Lower Middle Market InvestmentBanking League Tables. To assemble this list, we reviewed the deal-making activities of 400+ investmentbanks and advisory firms that met the qualifications to be considered for league tables last year.
Axial is excited to release its Q3 2023 Lower Middle Market InvestmentBanking League Tables. These quarterly league tables reveal the top 25 investmentbanks active on the Axial platform in Q3. In Q3, 571 sell-side investmentbanks and M&A advisors brought a total of 2,360 deals to market.
The rebound in Banking gained speed during the quarter, led by near-record levels of investment-grade debt issuance as improved market conditions enables issuers to pull forward activity. Our strong performance in both DCM and ECM drove InvestmentBanking revenue growth of 35% and overall banking revenue growth of 49%.
Investmentbanking revenue of 1.6 Gross investmentbanking and markets revenue of 924 million was up 32% year on year, primarily reflecting increased capital markets and M&A activity. Asset and wealth management reported net income of 925 million with pre-tax margin of 28%. Next, the CIB on Page 6.
We also expanded Zelman's investmentbanking capabilities into the commercial market in 2023. And in the fourth quarter, the investmentbanking team closed three transactions, albeit all in the single-family sector, that boosted revenues and expanded the W&D brand significantly.
You would have the investmentbank and the founders and a whole bunch of folks do these giant road shows and they would go from New York to Boston, they’d go out to San Francisco, they would go all around the country showing off the company before the big wedding. 00:45:53 [Speaker Changed] So where does your dealflow come from?
. ’cause the returns are less than the initial investment. So in the early years we only had 10 million of assets, but we had billions of dollars of dealflow. You, you could show up in a way that isn’t taxing to them. 00:24:31 [Speaker Changed] That was the big thing that we learned in the early years.
We held our team together throughout the downturn to be able to capture dealflow when markets returned and our investment sales team's efforts in the back half of 2024 were fantastic and set us up very well for 2025 and beyond. For the full year, our property sales team sold $9.8 But partnership is always a potential.
We raised Alliant's 117th low-income tax credit fund during Q2, and we broadened our investmentbanking capabilities from predominantly single-family by hiring a new managing director focused on the commercial real estate market. The vast majority of our bankers and brokers are still with us.
Our investment sales market presence and team is extremely strong. And as property sales volumes pick up, it will benefit investment sales, debt placement, valuation services, investmentbanking, and our affordable housing business. Total Q2 transaction volume of $8.4 Thank you for your time this morning.
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