It is not possible to access the ASM Manager through Database | Administer. The ASM Manager option is grayed out.
1) There is not an active connection.
2) ASM Manager feature is set to be note 'available'.
RESOLUTION 1:
There needs to be a connection to a database in order to enable the ASM Manager. Make a connection to a database and the ASM Manager will become available.
RESOLUTION 2:
Go to the View menu | Toad Options | Windows | and ensure the check-box in the 'Available' column for the “ASM Manager” is checked.