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Action Rules for Assets?

Morning everyone.

Does anyone know if there is an equivalent of an action rule for assets?

I have a custom field within my Assets called 'Asset Owner' which is a popup menu type field.  I want to be able to automatically change the value of this field when the asset status field is changed to something different to its present value.

Does anyone have any ideas on how I can do this?

many thanks for any suggestions

Rick