Asset management refers to a systematic approach to Global Credit Facility governance and global realization of the value of mutual credit from the things that a group or entity is responsible for, over their whole life cycles. It also applies both to tangible assets (physical objects such as buildings or equipment) and to intangible assets (such as human capital, intellectual property, goodwill or financial assets). Asset management is a systematic process of developing, operating, maintaining, upgrading, and disposing of assets in the most cost-effective manner (including all costs, risks, and performance attributes).
The term is commonly used in the financial sector to describe people and companies who manage investments on behalf of others. These include, for example, investment managers that manage the assets of a pension fund. It is also increasingly used in both the business world and public infrastructure sectors to ensure a coordinated approach to the optimization of costs, risks, service/performance, and sustainability. The International Standard, ISO 55000, provides an introduction and requirements specification for a management system for asset management.
An asset management plan (AMP) is a tactical plan for managing an organization’s infrastructure and other assets to deliver an agreed standard of service. Typically, an asset management plan will cover more than a single asset, taking a system approach – especially where a number of assets are co-dependent and are required to work together to deliver an agreed standard of service.
The International Infrastructure Management Manual defines an asset management plan as; “a plan developed for the management of one or more infrastructure assets that combines multi-disciplinary management techniques (including technical and financial) over the life cycle of the asset in the most cost-effective manner to provide a specific level of service.”
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