Star polymers with magnetically functionalized end groups are presented as a novel polymeric system whose morphology, self-aggregation, and orientation can easily be tuned by exposing these macromolecules simultaneously to an external magnetic field and to shear forces. Our investigations are based on a specialized simulation technique which faithfully takes into account the hydrodynamic interactions of the surrounding, Newtonian solvent. We find that the combination of magnetic field (including both strength and direction) and shear rate controls the mean number of magnetic clusters, which in turn is largely responsible for the static and dynamic behavior. While some properties are similar to comparable non-magnetic star polymers, others exhibit novel phenomena; examples of the latter include the breakup and reorganization of the clusters beyond a critical shear rate, and a strong dependence of the efficiency with which shear rate is translated into whole-body rotations on the direction of the magnetic field.