The synthesis of organic/inorganic hybrid magnetic nanoparticles has been investigated in order to prepare novel multifunctional colloids. To further modify the properties of magnetic colloids, various functional groups have been incorporated onto the polymer shell via controlled radical polymerization (CRP) techniques. Specifically, we have investigated the introduction of fluorophores to polymeric surfactants and ferromagnetic nanoparticle shells. Well defined polymer surfactants containing naphthalene and pyrene were prepared via the controlled radical polymerization methods and then used to functionalize ferromagnetic cobalt nanoparticles. Using this modular approach, the preparation of ferromagnetic nanoparticles exhibiting fluorescent properties while dispersed in organic media was achieved. These materials are characterized by the TEM, AFM, XRD, GPC and fluorescence spectroscopy.