Vanguard Group of Investment Cos., Valley Forge, Pa., named Oaktree Capital Management as investment adviser of the Vanguard Convertible Securities Fund. The fund had been run by Desai Capital Management. Vanguard officials did not give a reason for the change, except to say the fund's board made its decision ``after careful consideration of the fund's objectives and its history.''
`We are disappointed that Vanguard has decided to take this action, but we also realize that such decisions are a regular part of the money management business,'' Rohit M. Desai, president of Desai, said in a statement. ``The fund has not grown in size as expected, and investment management fees were reduced last year.'' The $168 million fund was launched in 1986.