UPDATE 1-T. Rowe Price net rises; reports rare fund outflow

Jan 29 (Reuters) - T. Rowe Price Group Inc's fourth-quarter profit rose 23 percent on higher investment advisory revenue, but the firm reported a rare outflow of customer cash.

The Baltimore asset manager on Tuesday reported net income of $232 million, or 88 cents per share, compared with $188.4 million, or 73 cents per share, a year earlier.

Analysts surveyed by Thomson Reuters I/B/E/S on average had expected 89 cents per share.

Investment advisory fees increased 19 percent to $677.6 million.

Assets under management were $576.8 billion at Dec. 31, up $2.4 billion from Sept. 30. Market gains and income of $6.6 billion were partially offset by the $4.2 billion that customers withdrew from its products during the quarter.

T. Rowe price said most of its outflows "were primarily from certain institutional separate account portfolios outside the United States that have experienced investment performance challenges, or changes in clients' investment objectives."