SPARK and the SPARK Institute, two industry organizations representing retirement plan service providers and asset managers, have been purchased from their founder and reorganized as a single non-profit, member-driven association.

Founded by Robert Wuelfing in 1988, the Society of Professional Asset-Managers and Record Keepers was the oldest organization serving retirement plan professionals, with membership from more than 250 companies in the field. The SPARK Institute was founded as the organization's lobbying wing in 2000.

Ten member companies of SPARK, including DST Retirement Solutions, funded the transaction, which will continue to operate as the SPARK Institute. Jude Metcalfe, DST's president, will also serve as SPARK's new president.