This paper presents an asynchronous distributed algorithm to manage multiple trees for peer-to-peer streaming in a flow level model. It is assumed that videos are cut into substreams, with or without source coding, to be distributed to all nodes. The algorithm guarantees that each node receives sufficiently many substreams within delay logarithmic in the number of peers. The algorithm works by constantly updating the topology so that each substream is distributed through trees to as many nodes as possible without interference. Competition among trees for limited upload capacity is managed so that both coverage and balance are achieved. The algorithm is robust in that it efficiently eliminates cycles and maintains tree structures in a distributed way. The algorithm favors nodes with higher degree, so it not only works for live streaming and video on demand, but also in the case a few nodes with large degree act as servers and other nodes act as clients. A proof of convergence of the algorithm is given assuming instantaneous update of depth information, and for the case of a single tree it is shown that the convergence time is stochastically tightly bounded by a small constant times the log of the number of nodes. These theoretical results are complemented by simulations showing that the algorithm works well even when most assumptions for the theoretical tractability do not hold.