The mandate expands the strategic relationship between Citi and Aegon Asset Management, which owns Kames Capital.
Bon spent 17 years at JP Morgan in a variety of senior roles in New York and London, most recently leading the direct and global custody business in the Americas.
French custodian looks to close 2018 strong with second mandate in December.
The appointment comes as BNP Paribas prepares to onboard €240 billion of assets for DWS on to its fund administration platform.
Citi is the second bank the SEC has taken action against for ADR pre-release abuses within its depositary banking business.
The investigation follows the recent $75 million settlement Deutsche Bank agreed to pay to the SEC for improper handling of pre-released ADRs.
The German bank will pay the settlement after its US subsidiaries were charged with improper handling of “pre-released” ADRs.
The regulatory approvals come ahead of Apex Fund Services planned acquisition of Ipes, expected to close at the end of the third quarter.
Regulators are hoping to harmonise the safekeeping requirements for UCITS and AIFMD funds, however this could mean stricter record-keeping requirements.
Since Saudi Arabia opened its doors for foreign investors in 2015, HSBC has emerged as the largest custodian in the country.