Central dealing desks are not a cure-all for irregularities in the fund management industry, a member of the Hong Kong Investment Funds Association's executive committee says. Richard Haw, who is also managing director of Schroder Investment Management (Hong Kong), said: 'Too much can be made of central dealing.' By preventing fund managers from executing their own trades - a practice for which Hong Kong's largest fund manager Jardine Fleming Investment Management was penalised last week - central dealing desks have been touted as a way of reducing opportunities for order manipulation. But Mr Haw said ths was not necessarily true and central dealing merely shifted the problem from the fund managers to the dealers. Repeated revelations of rat trading and front running by dealers at Hong Kong brokerage houses provided clear evidence that merely moving into a central dealing situation does not necessarily 'get rid of all your problems', he said. 'It gets rid of one range of problems,' Mr Haw said. '[But] it does introduce a whole new range of problems.