investment stewardship

Randy Cloud, AIFA®

Randy is the founding partner of Cloud Capital. He has twenty-one years of professional experience in portfolio management, equity portfolio analysis, ERISA consulting, and mutual fund administration. He is a specialist in enhanced equity index theory and is responsible for the investment administration functions of Cloud Capital. Randy is an Accredited Investment Fiduciary Auditor and a member of the Revere Coalition, a non-profit advocacy group of independent investment fiduciaries.

Professional Honors and Achievements

Research quoted in Congressional Testimony: Randy’s research and practice experience regarding 401k fees was quoted extensively in expert testimony before the Committee on Education and Labor, U.S. House of Representatives, March 6, 2007.

NASBA Certified Educator

Randy is the author of several NASBA certified continuing education courses on fiduciary responsibility, oversight, and process. Since 1990, he has been a featured speaker / educator on those topics to groups including:

  • Foundation for Fiduciary Studies
  • CPA's
  • Attorneys
  • The Institute of Management Accountants
  • Numerous Human Resources professional groups
  • Corporate investment committees

Randy is a recognized authority in the area of brokerage execution, transaction expense, and mutual fund operational analysis. As such, he has developed continuing education course material in the area of internal mutual fund operations, soft dollar research, brokerage expense disclosure, and fiduciary duty for the Foundation. The materials are published via the Foundation’s website and taught in web-cast continuing ed. classes. Randy was also a featured presenter of this material at the Foundation’s annual conference in 2005.







Owen L. Pugh

Owen has over 40 years of senior accounting, financial and operational experience commencing with 9 years of varying responsibility with Arthur Young & Company.

Owen joined the management team in March, 2001. He fills several important roles for the firm including direct service and support of clients, executive management, and compliance.

Professional Honors and Affiliations

Certified Public Accountant, 1965. Owen has maintained membership in the AICPA, Oklahoma and Tulsa Societies of CPAs for 40 years, including leadership positions in state and local chapters. Although Owen complies with continuing education requirements, he no longer maintains an Oklahoma permit to practice as a CPA.

Financial Executives International, 1981. Owen has served in numerous leadership roles in the Tulsa FEI Chapter. Previously served as Chapter President.

Owen has held leadership roles in many civic organizations including Rotary International (Paul Harris fellow), Junior Achievement (Bronze Leadership Award, 1985), Philbrook and Gilcrease Art Museums, Chamber of Commerce, United Way and numerous other organizations.


Michael T. Stillman, AIF®

Michael Stillman earned BBA and Master of Accountancy degrees from the University of Mississippi and has been awarded the Personal Financial Specialist designation by the AICPA, and is a member of the AICPA Personal Financial Planning Section and Texas Society of CPAs.

Michael’s career began in Big 8 public accounting followed by 8 years as an Institutional Investment Adviser. He served major Wall Street firms as First Vice President of Investments earning the prestigious Pacesetter and President’s Council awards. Since 1996 Michael has provided fee only fiduciary services to ERISA and private clients. Michael joined Cloud Capital as an ERISA specialist in 2007 and spearheads our Dallas ERISA consulting practice.