Former portfolio managers of Fairholme Capital Management, Larry Pitkowsky and Keith Trauner, have set up a new investment firm. GoodHaven Capital Management will employ a focused portfolio management strategy in a no-load mutual fund to be launched in the second quarter of 2011.

GoodHaven is planning to take up the management of separate accounts for high net worth individuals, institutions and retirement accounts by Feb. 15, 2011. Virginia-based property/casualty insurance company, Markel, has made a minority investment in GoodHaven and will become its strategic partner.

Click here for the release from Business Wire.