Magnus' Gift is a craftable set. When you cast a Magicka ability, you have an 8% chance to negate that ability's cost.
Magnus' Gift is part of the base game. The crafting stations are located in Greenshade (Arananga), Rivenspire (Vaewend Ede) and Shadowfen (Xal haj-ei Shrine). You can craft any armor, weapon or jewelry of this set in any motif style you know, as long as you have 4 traits researched (per item). You can trade crafted pieces to other players. Each set item becomes bound on equip.
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