T. Rowe Price earnings rise 23% in 4Q on advisory revenue

T. Rowe Price Group Inc.’s profit increased 23 percent in the fourth quarter, driven by higher investment advisory revenue.

The Baltimore mutual fund giant posted net income of $232 million for the three months ended Dec. 31. That compares with $188.4 million in fourth quarter 2011. Earnings per share rose to 88 cents, up from 73 cents in the year-ago quarter. Analysts had forecast the company would earn 89 cents for the quarter.

Quarterly revenue rose 17 percent to $787.3 million, up from $671.6…