Electronic structure calculations of FenCom (n+m=5 and 13) are used to examine the effects of alloying on the magnetic moment and magnetic anisotropies. Our density-functional studies show that many mixed clusters have moments comparable to or higher than the pure clusters. The mixed clusters, however, have very low anisotropies and could be ideal as soft magnetic materials. It is shown that shape, composition, and compositional ordering must be considered for optimization of anisotropy energies.