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The development of (FINEMET) by Yoshizawa et al. and (NANOPERM) by Inoue et al. have shown that nanocrystalline microstructures can play an important role in the production of materials with outstanding soft magnetic properties. The FINEMET and NANOPERM materials rely on nanocrystalline and α-Fe, respectively, for their soft magnetic properties. The magnetic properties of a new class of nanocrystalline magnets are described herein. These alloys with a composition of (Fe,Co)–M–B–Cu (where M=Zr and Hf) are based on the α- and α^′-FeCo phases, have been named HITPERM magnets, and offer large magnetic inductions to elevated temperatures. This report focuses on thermomagnetic properties, alternating current (ac) magnetic response, and unambiguous evidence of α^′-FeCo as the nanocrystalline ferromagnetic phase, as supported by synchrotron x-ray diffraction …