Firemen's Retirement System of St. Louis invested $20 million in...

Firemen's Retirement System of St. Louis invested $20 million in Principal Global Investors' U.S. Property Account, a commingled direct-property real estate equity fund, said Vicky Grass, executive director. It is the $400 million plan's first real estate investment. Consultant Summit Strategies, which conducted the shortlist search, recommended a real estate investment for additional diversification and to increase returns. Funding will come from a general rebalancing; no manager was terminated, Ms. Grass said.