Study of various properties of ellipsoidal particles in colloidal media is of considerable interest, and much of the relevant theoretical understanding is based on either the well known Mie theory or simple quasi electrostatic approach. However, for magnetic particles, very little theoretical work is available except for particles with spherical shape, which is covered by Mie theory as well. We have derived expression for effective magnetic susceptibility of a magnetic particle of ellipsoidal shape in an arbitrary medium. We shall present here our numerical study on the static and frequency dependent properties, such as inter particle forces, absorptive and scattering properties, etc., of elongated (prolate) magnetic particles, coated as well as uncoated, suspended in a so called ferro fluid, in the presence of external magnetic field, and compare the results with the case of spherical particles. To our knowledge, these results are new, and should have applications of technological interests.