It was rumored earlier this year that Barclays was looking for buyers of its wealth management arm.

Stifel Financial Corp has agreed to purchase Barclays PLC’s U.S. wealth and investment management unit, (which a large proportion is made up of the former brokerage arm of Lehman Brothers) adding to a string of recent acquisitions.

As of May 31^st, Barclays’s U.S. division had 180 financial advisers and total client assets of about $56 billion which Stifel wants to bring on board. The business had assets of $1.4 billion on its balance sheet and client loans of about $1.5 billion.

Stifel has signed the agreement to buy the assets however the company must now convince the unit’s financial advisers to join the St. Louis-based brokerage. While it signed an agreement to buy Barclays assets, Stifel now has to convince the unit’s advisers to join the St. Louis-based brokerage which will be the major factor of the deal.

Stifel Chief Executive Ron Kruszewski said on a conference call the agreement could bring $200-$325 million in revenue dependant on the number of advisers who ultimately join Stifel. On the call with analysts he stated “a significant majority of Barclays investment representatives” had indicated a desire to join the company.

Stifel was previously a low-key firm specializing in municipal bonds however it has now raised its profile to a national firm serving individual retail investors and middle-market companies. Kruszewski, has been CEO since 1997 and in that time has bought several, quite often troubled, retail brokerages and investment banking firms since 2005.

The acquisition will give Stifel the opportunity to exclusively sell specific Barclays-underwritten stock and bond offerings to retail investors.

Christopher Harris a Wells Fargo Securities analyst wrote in a note “At the mid-point of guidance, it appears this transaction could be double digit percent accretive to 2016 EPS.”

Stifel closed the acquisition of Alabama-based Sterne Agee Group on Friday for $150 million. S&P Capital IQ analyst Ken Leon said Sterne Agee would likely generate $300-$325 million in revenue, raising his target price by $5 to $65.

Brokerage mergers typically offer retention packages to the advisers of the acquired business to ensure they do not leave to join a competitor. Stifel has been known to offer lucrative packages in previous mergers and Kruszewski said “we believe that we have proposed an attractive retention package.”

The deal itself represents a move from a unit that had attracted some unwanted regulatory scrutiny for Barclays.