Changes of the magnetic properties of ferromagnetic Co particles deposited at room temperature on a thin alumina film grown on a NiAl(110) substrate were investigated as a function of Pd coverage by subsequent deposition of Pd onto deposited Co particles. From previous x-ray photoelectron spectroscopy, IR, and temperature programmed desorption experiments it was concluded that Pd forms a shell on top of Co particles. However, the current experiments indicate that Pd does induce structural rearrangements within the Co particles which may also involve the intermixing of small amounts of Pd into the Co particles. The latter is inferred from a change in the g-value for small particles. The impact of a larger intermixture of Co and Pd on the magnetic properties will be emphasized by a reversed deposition order where Pd particles were deposited first and subsequently covered by Co. The reversal of the deposition order increases the magnetic anisotropy of the particles considerably.