"they had only warned us, we could have worked something out." The downsizing of Sun Life's Montreal office did not take place overnight. Transfers and moves occurred on a departmental basis and did not commence until several months after the announcement. By 1980, 300 head office employees were located in Toronto. There were several other key activities in the post-war years. This included a decision by Sun Life to leave many markets, including China and India, because of economic and political changes. In 1962, Sun Life became a mutual company and repurchased its shares for $65 million in total. In 1973, Sun Life opened its American subsidiary's new headquarters in Wellesley Hills, Massachusetts, located outside Boston. 1980s–1990s Sun Life continued to expand its wealth management business with the 1982 acquisition of Massachusetts Financial Services (MFS), the Boston-based investment management and mutual fund company. It entered the mutual fund business in Canada by forming Spectrum Mutual Fund Services in 1987 (subsequently sold to CI Financial) and a decade later, acquired McLean Budden, a Canadian investment management firm (subsequently folded into MFS). International expansion continued in the 1990s. In 1995, Sun Life entered the Indonesian market through local company PT Asuransi Modern Sun Life, now called PT Sun Life Indonesia and opened a Representative Office in Beijing in preparation to enter China. A year later, Sun Life opened a services center in Waterford, Ireland, to provide technology and business processing support for Sun Life business units. In 1999, Sun Life officially returned to India and China when it established two joint ventures – Birla Sun Life in India with a local partner Aditya Birla Group, and Sun Life Everbright in China with a partner China Everbright Group. Over the next decade, both operations grew rapidly – by September 2008, there were 132,460 Birla Sun Life advisors working in 600 branches across India while Sun Life Everbright opened its sixth branch in Guangzhou, bringing its presence to 18 cities in China. 2000s In early 1998, Sun Life announced its intention to demutualize. In March 2000, its initial public offering (IPO) started the trading of Sun Life Financial Inc. shares on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges. In 2002, Sun Life combined its operations with Clarica Life Insurance of Waterloo, Ontario. Founded in 1870 as Mutual Life of Canada, Clarica was known as The Mutual Group before it went