(Bloomberg) -- Patrick Fels, a dealmaker at Goldman Sachs, said insurers that don’t have publicly traded stock are becoming increasingly active in mergers and acquisitions.

“Organic growth and putting capital to work at attractive returns is harder and harder,” Fels said Monday at a conference held by the American Council of Life Insurers in Washington. “I think it’s forced everybody to look at M&A differently, including mutuals."

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.