Purpose There is shortage of global research on asset management (AM) by various central governments. This paper aims at reducing this gap. Design/methodology/approach This general review is based on literature, published government documents, agendas of specialized membership organizations (considered through the qualitative thematic analysis) and the authors’ experiences in advising governments on AM in 30 countries. The study focuses on three topics of recurrent interest among governments and AM experts: drivers of change and response trends; organizational models and attributes of good governance at public AM organizations. It also discusses whether the examined practices conform with New Public Management (NPM). Findings The paper identifies five key international drivers of change: austerity measures; an increased focus on performance management; changes in political and ideological agendas; technology and business operations changes; and the environmental sustainability agenda. It analyses response trends to these drivers, both positive and negative. Five dimensions of organizational settings that are important for AM are identified, demonstrating the great diversity of practices. The paper outlines governance elements specific to government AM and illustrates related challenges. It also shows that while current AM typically conforms with NPM, there are notable deviations, such as low corporatization and recentralization of AM. Research limitations/implications This paper is a broad review; in-depth study of specific aspects is left for further research. Originality/value The paper introduces new empirical knowledge about AM approaches at central governments into research discourse, with a broad thematic coverage not achieved before; contributes to the discussion of some hot underexplored topics; hypothesizes why current AM practices deviate from NPM doctrines; and provides unique insights for AM practitioners.