Abstract: An asset management system includes a distributed network of hierarchical controllers to manage the dispensation of assets, such as keys and the like, where the an asset is attached to an electronic fob, and the fobs are removably connected to a connection port. The hierarchical controllers are a plurality of system microprocessors and multiplexers that control a plurality of panel controllers, which in turn control a plurality of fob controllers, which in turn are physically and electronically interfaced with a plurality of fobs. The asset management system specifically manages a unique physical location of each fob on a panel. The system microprocessors are in communication with a host computer, which in turn can be in communication with other computers and other asset management systems. The system microprocessor can also control subsequent system microprocessors through a master-slave control hierarchical system.