Ponds are traditional multipurpose resources accessed by households and communities, and are increasingly beingprioritised for aquaculture. High consumption of aquatic animals and declines in natural stocks has stimulated fish culture based on both stocked and natural seed across a broad spectrum of intensification. Management of a high proportion of ponds remains sub~optimal with respect to fish production because of conflicting uses, multiple ownership, and poor access to markets and information. Aversion to risk of drought and flood is also a factor that reduces interest in optimising fish yields through financial investment, but can enhance the importance of water storage and trapping of unstocked aquatic animals. The role of ponds as assets controlled by households and communities is reviewed. Ponds and their products embrace several types of assets and support a range of activities, both productive and social. Issues of access are critical to the potential for poorer people to sustain benefits. Ponds may reduce vulnerability and examples are presented of the mechanisms by which the resilience of households is enhanced with respect to withstanding shocks and seasonal fluctuations in food and income. Location, especially with respect to markets is identified as critical to the management strategies used by households. Key institutions that. support. the intensification of fish culture include dynamic networks of informal private sector service providers, many of whom are poor. Although the benefits of pond-based aquaculture have been associated with the resource-rich, poorer people are benefiting as producers, intermediaries and consumers.