Abstract: There is provided solid composite material comprising an alloy based on manganese, aluminum and optionally carbon, and dispersed nanoparticles made from a material X, as well as a method of manufacturing the same. The material X is different from manganese, aluminum, carbon or a mixture thereof and satisfying the following requirements the melting temperature of the material X is 1400° C. or higher, preferably 1500° C. or higher; and the material X comprises a metal. The composite material is suitable as a magnetic material or as a precursor of a magnetic material, and allows obtaining improved magnetic properties as compared to existing alloys based on manganese, aluminum and optionally carbon due the presence of the nanoparticles. A magnetic material in shaped form comprising the composite material and an electric or electronic device comprising the magnetic material are also part of the invention.