Hedge Fund News: Biggest Funds of Hedge Funds, Bruce Kovner, Donald Longueuil SEC Suite, Rajaratnam’s Sentencing

Bruce Kovner, Founder of Caxton, to Step Down (DealBook)
Bruce Kovner, a founder of Caxton Associates, will retire as chairman of his $10 billion hedge fund firm at the end of the year, handing off the reins to his chief investment officer in a largely expected but still rare succession for the hedge fund industry.

Ex-SAC Capital Portfolio Manager Longueuil Settles Insider Suit With SEC (Bloomberg)
Donald Longueuil, a former junior portfolio manager at SAC Capital Advisors LP, agreed to settle a civil suit filed by the U.S. Securities and Exchange Commission.

Rajaratnam’s Defiant Approach to Sentencing (DealBook)
Raj Rajaratnam and Zvi Goffer both went to trial to fight insider trading charges, and both were convicted largely on the strength of wiretap evidence. As their sentencing dates approach later this month, they are taking almost diametrically opposed approaches in asking for sentences well below the prison terms called for by the advisory federal sentencing guidelines.

Global Hedge Fund Expert Joins Cambridge Associates’ Research Team as Director of Diversifying Investments (MarketWatch)
Samuel E. “Q” Belk IV, 56, has joined investment consultant Cambridge Associates as Director of Diversifying Investments.

Biggest Funds Of Hedge Funds Add Assets (FinAlternatives)
The largest funds of hedge funds saw their assets under management rise by 3.3% in the first half, increasing their investments in their underlying managers by $21 billion.