Fabrication of a thermotropic ferronematic colloid is reported, consisting of a 1% concentration of magnetite nanorods dispersed in a commercially obtained liquid crystal (LC). To produce the nanorods, solvothermal synthesis was utilized by adding Fe(CO) 5 to a reaction solution of hexadecylamine and oleic acid in n-octanol. The procedure allows for tailoring of the size and shape of the nanorods. The magnetic nanorods were functionalized with oleic acid. Magneto-optic and electro-optic properties of the colloid were characterized. Specifically, static measurements were performed to determine the birefringence and magnetic and electric Freedericksz thresholds. From the dynamic measurements, the switching time was determined. The nanorods increased the effective magnetic anisotropy of the LC. Depending on nanorod dimensions, the colloid demonstrated faster switching speeds, especially in the presence of crossed electric and magnetic fields.