In 1904 Asche became co-manager with Otho Stuart of the Adelphi Theatre on a three-year lease. Their productions included "The Prayer of the Sword", "A Midsummer Night's Dream", "The Taming of the Shrew", "Measure for Measure", "Count Hannibal" (which he wrote with F. Norreys Connell) and Rudolf Besier's "The Virgin Goddess". In 1906 he played King Mark in J. Comyns Carr's play "Tristram and Iseult" at the Adelphi Theatre, with Lily Brayton as Iseult and Matheson Lang as Tristram. In 1907 Asche and his wife took over the management of His Majesty's Theatre and produced Laurence Binyon’s "Attila", with Asche in the title role, and innovative productions of Shakespeare plays, such as "As You Like It", with Asche as Jacques, and "Othello", with Asche in the title role. They made their first tour in Australia in 1909–10, with Asche playing Petruchio, Othello and other roles. Asche was much touched by his reception at Melbourne. In his 1929 autobiography he said, "What a home-coming it was! Nothing, nothing can ever deprive me of that."