MotherRock, a US hedge fund run by former New York Mercantile Exchange President Robert 'Bo' Collins, has become one the first high profile victims of the early summer stock market turbulence, after it revealed it was closing because of its "terrible performance".

The hedge fund, which seeks to deliver "superior risk-adjusted returns through energy sector investment and trading", is in the process of closing its operations, Bloomberg reports, citing a letter sent by Collins to investors in MotherRock's Energy Master Fund.