DMC announces division merger

DMC announces division merger

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SALT LAKE CITY -- Deseret Management Corporation is making a change to two of its divisions. DMC is the for-profit company owned by The Church of Jesus Christ of Latter-day Saints.

On Friday, DMC President Mark Willes announced the transfer of Zions Securities Corp. and Hawaii Reserves Inc. to Property Reserve Inc. Property Reserve is a real estate investment holding company owned by the LDS Church.

Zions is a commercial real estate developer; Hawaii Reserves manages and owns church-affiliated properties in Hawaii.

Willes said the transfer of the two divisions, effective Jan. 1, will provide greater efficiency to all real estate activities within the Church.

DMC has seven additional divisions, including KSL Broadcasting, the Deseret News, Bonneville International, The Deseret News, Deseret Book, Deseret Digital Media, Beneficial Financial and Temple Square Hospitality.

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