No, since ASM uses Mdaemon API, both applications must be installed on the same machine.
To limit performances drain and disk space, ASM allows to:
1. Use a DB installed on a second server (it’s possible to specify this during the installation but also after).
You can find some different installation scenarios here:
http://www.achab.com/download/asm/doc/ASM_DBmigration.pdf
2. Move the repository (after the installation) on a remote machine/NAS:
http://www.achab.com/download/asm/Doc/ASM_Archive.pdf