This work deals with the structural analysis of side-chain liquid crystalline polysiloxanes, doped with magnetic cobalt nanorods, and their orientational properties under a magnetic field. These new materials exhibit the original combination of orientational behavior and ferromagnetic properties at room temperature. Here we show that, within the liquid crystal polymer matrix, the cobalt nanorods self-assemble in bundles made of nanorod rows packed in a 2-dimensional hexagonal lattice. This structure accounts for the magnetic properties of the composites. The magnetic and orientational properties are discussed with respect to the nature of the polymer matrix.