We study magnetooptical Faraday rotation in a colloidal solution of "dumbbell-like", physically conjoined nanoparticle pairs composed of a ferromagnetic (CoFe2O4) and a noble metal (Ag). We show that outside the CoFe2O4 interband dominated spectral regime, the coupled dumbbells show significantly enhanced magnetooptic response relative to single CoFe2O4 nanoparticles, derived from plasmonic contribution by the Ag nanoparticles.