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It depends... It might mean something or it could mean nothing whatsoever. Lots of people put "Global Head of Whatever" on their CVs/Resumes, so you sorta need to take it with a large pinch of salt.
To trade heads?
But seriously, to oversee a team of traders and probably trade a bit himself. Further, it depends on the HF's strat as to how much power he actually has, could be a pure execution role.
This person could be a head of a group of PMs, although it's a little unusual to call these people "traders". Otherwise, he/she could be the senior execution guy/gal (head of a team of execution traders, perhaps), rather than a PM.
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