Berkowitz resurfaces with new activist fund


David Berkowitz, who founded Gotham Partners together with Bill Ackman before Ackman went on to launch his stellar-performing Pershing Square Capital Management, has been quietly setting up his own activist hedge fund. In the process, he has wooed hedge fund accounting veteran Joel Press, who retired earlier this year after a 16-year career at Ernst & Young, to be his chief operating officer.

Berkowitz's New York-based Festina Lente International is expected to roll out a long-only equity fund next month with $11 million from principals and affiliates.

Ackman and Berkowitz decided to wind down Gotham in 2002, after suffering