Goldman Sachs has appointed a new global head of principal strategies, the bank's secretive equities arm that trades with the firm's own capital, following the announcement of former head Pierre-Henri Flamand's departure.

Morgan Sze, the head of Goldman Sachs principal strategies in Asia, will take over management of the group globally, according to an internal memo this week. He will continue to report to David Heller, one of four heads of securities at Goldman Sachs in New York.