The urgency for an increased capacity boost bounded by enhanced reliability and sustainability through operating cost reduction has become the major objective of electric utilities worldwide. Power electronics have contributed to this goal for decades by providing additional flexibility and controllability to the power systems. Among power electronic based assets, high-voltage dc (HVdc) transmission systems and flexible ac transmission systems (FACTS) controllers have played a substantial role on sustainable grid infrastructure. Recent advancements in power semiconductor devices, in particular in voltage source converter based technology, have facilitated the widespread application of HVdc systems and FACTS devices in transmission networks. Converters with larger power ratings and higher number of switches have been increasingly deployed for bulk power transfer and large scale renewable integration-increasing the need of managing power converter assets optimally and in an efficient way. To this end, this paper reviews the state-of-the-art of asset management strategies in the power industry and indicates the research challenges associated with the management of high power converter assets. Emphasis is made on the following aspects: condition monitoring, maintenance policies, and ageing and failure mechanisms. Within this context, the use of a physics-of-failure based assessment for the life-cycle management of power converter assets is introduced and discussed.  ASSET MANAGEMENT STRATEGIES FOR POWER ELECTRONIC CONVERTERS IN TRANSMISSION NETWORKS: APPLICATION TO HVDC AND FACTS DEVICES