A rotor assembly includes a rotor having a central axis extending between the two opposing ends and a radial surface, and is rotatable about the central axis. At least one electromagnet is disposed proximal to and configured to exert magnetic force on a portion of the rotor. Further, a channeling member is disposed generally adjacent to the electromagnet and has a radial surface disposed adjacent to the rotor radial surface. As such, magnetic flux generated by the electromagnet extends generally radially between the electromagnet and the rotor portion and generally axially between the rotor portion and the channeling member so that the magnetic force biases the rotor both radially and axially to maintain the rotor at a desired position. Preferably, the assembly includes a plurality of magnets proximal to each end, two channeling members, and a tubular body extending between the channeling members and enclosing the rotor.