An embodiment of the invention relates to an apparatus including a magnetic device and a related method. A multilayer substrate is constructed with a winding formed in a metallic layer, an electrically insulating layer above the metallic layer, and a via formed in the electrically insulating layer to couple the winding to a circuit element positioned on the multilayer substrate. A depression is formed in the multilayer substrate, and a polymer solution, preferably an epoxy, containing a ferromagnetic component such as nanocrystaline nickel zinc ferrite is deposited within a mold positioned on a surface of the multilayer substrate above the winding and in the depression. An integrated circuit electrically coupled to the winding may be located on the multilayer substrate. The multilayer substrate may be a semiconductor substrate or a printed wiring board, and the circuit element may be an integrated circuit formed on the multilayer substrate.