The Condo Board is the Asset Manager

In Commercial Real Estate, properties are overseen by both a Property Manager and an Asset Manager.  The Property Manager oversees the day-to-day operation of the facility.  The Asset Manager oversees the property at the "investment" level.  The Asset Manager is responsible for maximizing the value of the property by setting and implementing a strategic vision for the property.

In Condominiums, there is clearly a Property Manager, but who is the Asset Manager?

It's the Board of Directors.  Boards need to understand this role and make sure that they take time away from the day-to-day oversight of the Property Management function to also focus attention on their Asset Management role.  This means that investments in capital repairs should be viewed through a filter of the role of the investment in the long-term vision for the property. 

Forgetting the Asset Management role invariably leads to short-term decisions and the gradual decline of the quality of a property.