This paper gives an overview of the asset management landscape on drinking water in the Netherlands and twenty years of research on this topic executed by KWR in close collaboration with water companies. A description is given of research questions and the international developments in the field of asset management. This is followed by the developments on asset management at the Dutch water company Evides. Twenty years of asset management research at KWR is presented in five phases, showing a transition from the question how can the concepts of asset management help to better plan the replacement of distribution networks, towards integrated decision making on the asset system as a whole. A focal point for research could be how research can contribute creating value for water companies. More formal information and improved modelling will continue to play a central role, however attention is required for making use of expert knowledge, scenario building, data quality and the integration of information of technical, financial and societal origin.