Keeping wise man going round hill (7)
I believe the answer is:
storage
'keeping' is the definition.
(I know that storage is a type of keeping)
'wise man going round hill' is the wordplay.
'wise man' becomes 'sage' (sage is a kind of wise man).
'going round' means one lot of letters goes inside another (some letters go around others).
'hill' becomes 'tor' (tor is a kind of hill).
'sage' going around 'tor' is 'STORAGE'.
(Other definitions for storage that I've seen before include "Charge for use of warehouse" , "Charge for warehousing" , "reservation?" , "Longer-term laying up" , "Place for putting items away" .)