Hello
you can install WUM on other server you find the install on the VMware-VIMSetup-all-x.x.0-xxxxx.iso, depend of the number of hosts you have and the numbers of VM this is advisable to install VUM on other server that the VIM or you can laso install it on VM.
On the Cd or ISo you find the install files to CDROM:\updateManager do not forget to use ODBC32 if you install VUM on 64Bits OS.
Regards.
tiberias.