Fleet Financial Group has named J. David Mills as portfolio manager of its proprietary Mid Capitalization Equity Fund.

Mr. Mills joined Fleet Investment Advisors two weeks ago to run the stock fund, which has $400 million of assets under management, Fleet said Monday. He succeeds Barbara Friedman, who left the Boston banking company.

Previously, Mr. Mills was senior vice president and chief investment officer of Chestnut Hill Management, a Boston hedge fund company where he worked for five years. Until 1991, he had been a senior vice president at Boston Co., managing its Special Growth Fund.

At Fleet, he is expected to expand the Mid Capitalization Equity Fund's size, according to a prepared statement from Thomas M. O'Neill, managing director and chief investment officer of Fleet Investment Advisors.

"In addition to serving our current client base, he will also play an invaluable role in the development of our mid cap business, an increasingly important area of focus for us," Mr. O'Neill said.

Fleet Investment Advisors manages more than $75 billion of assets in retirement and profit-sharing plans, separate accounts, and the proprietary Galaxy family of mutual funds, which have $13 billion of assets under management.

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