(Refiles to change day of week in first sentence)
* Goldman's principal strategies unit to become fund
* No set plans on amount of capital it will raise
* Fund looking to beat others to market
CHARLOTTE, N.C., Aug 5 Goldman Sachs Group Inc
(GS.N) is planning to shift its principal strategies business
into a fund that raises outside money, Bloomberg reported on
Thursday, citing a source with direct knowledge of the plan.
The unit makes bets with the company's own capital, and
Goldman may announce as soon as Friday plans to separate the
business from the bank's equities unit, Bloomberg reported.
Led by Hong Kong-based Morgan Sze, 44, the team has not set
a target for how much outside money it wants to raise, though
it aims to complete the process by year-end.
But Bloomberg reported the unit is attempting to beat other
proprietary trading desks to raising outside capital, in a wave
of expected spin-offs by Wall Street banks.
Under the new Dodd-Frank Act passed in July, banks are
prohibited from engaging in proprietary trading, or making bets
in the market for the bank's own profits.
(Reporting by Joe Rauch, editing by Dave Zimmerman)