NEW YORK -- Frontpoint Partners LLC, the hedge-fund firm founded by former executives of Tiger Management and Soros Fund Management, said Tuesday it added an investment team that will focus on health-care-related stocks.

The new team has expertise in various areas of the health-care industry such as biotechnology, pharmaceuticals, medical devices, life-science tools and specialty pharmaceuticals. It also has experience running portfolios that both buy stocks and sell them short.

Dr. Chip Skowron was formerly a senior analyst at Millenium Partners LLC and a health-care analyst with SAC Capital Management LLC.

Dr. Jason Bonadio and Ajay Bhalla were most recently a research analysts with SAC Capital Management.

Health care is the fifth investment strategy for FrontPoint, which is backed by Bermuda reinsurer XL Capital Ltd. (XL). It has teams that run equity arbitrage, distressed Canadian securities, utility and energy and global fixed-income strategies.

The firm seeds hedge-fund managers with money provided by XL Capital. It also provides them with pooled marketing, trading and risk-management services, as well as diversification from their own strategy.

Managers who make use of FrontPoint's umbrella also get a share of the firm's equity.