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The word translated Advocate here is Paraclete, which is sometimes also translated Comforter. It is virtually universally taken in Christianity to refer to the Holy Spirit. The pronoun "he" is used because the Holy Spirit is a person. (Christian denominations that do not believe the Holy Spirit to be a person - a minority - have other explanations for the use).
The Holy Spirit that Christians have now is the same Holy Spirit that was promised to the disciples. When Jesus talks about "another" advocate, he means "beside himself" (Note that the use of "another" in John 14 occurs before the use of "the advocate" in John 16, so "another" in John 14 cannot mean a second one as well as the one in John 16.)