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What is 'Safekeeping'. Safekeeping is the storage of assets or other items of value in a protected area. Individuals may use self-directed methods of safekeeping or the services of a bank or brokerage firm. Financial institutions are custodians and are therefore legally responsible for the items in safekeeping. Also known as safekeep.
ASSET MASTER RECORD: Asset master record is the reliable and authoritative data maintained by an organization relating to the various fixed and intangible assets used by it. Key features of Asset Master Data are: 1  Master data does not change frequently.ut of the above list of all logical field groupings, the ones which will be appearing in the asset master record is controlled by the another configuration step-Specify Tab Layout for Asset Master Record (which will be discussed subsequently).