Target Fund Managers appoints Calum Bruce as Head of Investor Relations

Target Fund Managers (TFML), the investment manager of FTSE 250 care home investor Target Healthcare REIT (THRL), has strengthened its senior leadership team with two key appointments. Calum Bruce joins as head of investor relations, while James MacKenzie moves into the newly created role of managing director.

Calum Bruce

Bruce, a chartered surveyor with more than 25 years’ experience across real estate investment, fund management, investor relations and capital markets, will lead TFML’s investor relations function. He will focus on broadening and deepening TFML’s capital partner base, including for THRL, and will work closely with the executive team to support the future shape and strategic direction of the business. He joins from Ediston, where he played a central role in the IPO, growth and eventual sale of Ediston Property Investment Company, a main‑market listed REIT.

MacKenzie, who joined TFML in January 2025, steps into the Managing Director role with responsibility for the operations of the business, reporting to CEO Kenneth MacKenzie. He brings more than 20 years of corporate advisory, governance and relationship‑management experience, including his previous role as General Counsel and Company Secretary at Aegon UK.

TFML manages more than £1 billion of assets across listed and unlisted mandates, exclusively focused on modern, fit‑for‑purpose care homes. Its portfolio comprises around 100 properties across the UK, let to approximately 40 tenants.

Kenneth MacKenzie, Chief Executive of TFML, said the appointments represent a significant investment in the strength of the Executive team. “Calum brings a valuable combination of real estate and listed‑market experience that complements our leadership capabilities. James has already added considerable corporate expertise to the business. Together, these appointments support our ambition to scale our portfolio of best‑in‑class healthcare real estate.”