Electric distribution networks are operated under a number of constraints in order to deliver power at a certain quality and reliability level. A distributed management system (DMS) is a supervisory control layer in the distribution system used by the utilities for managing distribution assets in a coordinated fashion. For large distribution systems (those consisting of thousands of nodes and multiple tens of capacitor banks and voltage regulators), an integrated Volt/VAr Control (IVVC), which maximizes asset lifetime, is non-trivial due to the size of the search space for determining the optimal settings of these devices. This paper presents coordinated optimization approach to IVVC for large power distribution networks that will enable a more optimal operation of the distribution network while maximizing distribution control asset lifetime through the minimization of unnecessary device switching.