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Asset:

BusinessDictionary.com defines: asset- "something valuable that an entity owns, benefits from, or has use of, in generating income."

Webster’s dictionary defines: assets- the plural version, “entire property of a trader or company of traders.”

Asset Management:

Asset management is essentially tracking in order to optimize the use and value of the assets, from the personal to the global level. As Robert Michael points out in his article “The Definition of Asset Management” on elota.com, asset management is “not something you can buy, but rather a discipline you must follow in order to maintain your assets.”

The professional field of Asset Management has its own professional body, the Institute of Asset Management (IAM) with its own online magazine Assets. In an attempt to clarify the meaning of asset management, they pointed out that “assets can be defined at many levels and this is a common source of confusion about the nature and priorities of asset management.” To complicate the picture, as assetmanagement123.com points out, “asset management is often used as the synonym of investment management or fund management.”
Read more at Suite101: Asset Management Made Easy: Definitions http://www.suite101.com/content/asset-management-made-easy-definitions-a364674