Legg Mason, Inc. reported preliminary assets under management of $638 billion as of February 29, 2012, an increase of up 1% and some $7 billion over January’s AUM. The firm managed $677 billion last March.

According to Legg Mason, February’s AUM reflects the firm’s divestiture of Bartlett & Co., a high-net worth investment advisory shop in January, reducing long-term assets under management by $2.8 billion ($1.8 billion equity and $1.0 billion fixed income.) Last month, Legg grew its equity assets to $162.9 billion, up from $160.9 billion in January, and its fixed income assets to $358.3 billion, up from $357.6 billion.

Hung Tran writes for Money Management Executive.