We report on a series of measurements on the microscopic structure and the magneto-optical properties of a calamitic liquid crystalline compound in its nematic phase. Structural studies show the existence of short-range, tilted smectic order consistent with pretransitional effects above an underlying smectic phase. Concomitantly, magneto-optical results exhibit the existence of an optic axis not collinear with the uniaxial director. This apparent biaxial nature is discussed within the context of coupling between the tensor nematic and the smectic order parameters.