A new bifunctional nanocomposite, consisting of CdTe quantum dots complexed with FeP nanoparticles, was synthesized using a one-pot, high temperature precursor decomposition method. Nanocomposites formed consisted of heterofunctional, dumbbell shaped particles, which exhibited supplementary and altered properties from those of constituent particles. For example, an additional peak was observed in the PL spectra, whose intensity was directly related to the ratio of FeP:CdTe. Also, the magnetic behavior of the particles altered from ferromagnetic to paramagnetic upon conjugation to CdTe. These results indicate that interactions between monomers in multifunctional particles can occur, which might result from the formation of a composite 'doped' phase at the interface of the individual particles. These interactions may lead to additional properties that could be exploited to increase the utility of the resultant particles.