Asset Management is the process of developing, operating, maintaining, and selling assets in a cost-effective manner. With two general definitions relating to advisory services and corporate finance, the term is used in reference to individuals or firms that manage assets on behalf of individuals or other entities. Asset management is a service offered by financial institutions catering to high net-worth individuals, government entities, corporations and financial intermediaries. As every company needs to keep track of its assets to provide optimal return, the assets can be categorized between fixed and current assets. Fixed or non-current assets refer to assets acquired for long-term use, while current assets are those that can be converted into cash within a short amount of time.