Advisors looking to fill a mid-cap gap in client portfolios have a new option. Fidelity Investments introduced a new fund on August 17.

The fund, called the Fidelity Advisor Mid Cap II Fund, will be managed by Thomas J. Allen, currently the manager of the $2.9 billion Fidelity VIP Mid Cap Portfolio.

Fidelity closed its Advisor Mid Cap Fund, managed by Peter Saperstone, in June, citing unmanageable fund flows.

"Peter believes, and I concur, that closing the fund will help stabilize flows, and will allow him to invest the fund's assets most effectively on behalf of his shareholders," said Abigail Johnson, president of Fidelity Management & Research, in June.

Fidelity's new advisor fund is intended to "broaden and deepen our mid cap product line," said spokeswoman Deborah Pont. Saperstone and Allen "bring different management styles...[which result in] different stock selections," added Pont.

The Fidelity Advisor Mid Cap fund and the Advisor Mid Cap II fund are measured against the same benchmark -- the S&P MidCap 400 Index -- and have similar investment objectives, said Pont. 

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