We describe a method to trap, transport and release microscopic particles in a viscous fluid using the hydrodynamic flow field generated by a magnetically propelled colloidal ribbon. The ribbon is composed of ferromagnetic microellipsoids that arrange with their long axis parallel to each other, a configuration that is energetically favorable due to their permanent magnetic moments. We use an external precessing magnetic field to torque the anisotropic particles forming the ribbon, and to induce propulsion of the entire structure due to the hydrodynamic coupling with the close substrate. The propulsion speed of the ribbon can be controlled by varying the driving frequency, or the amplitude of the precessing field. The latter parameter is also used to reduce the average inter particle distance and to induce the twisting of the ribbon due to the increase in the attraction between the rotating ellipsoids. Furthermore, non magnetic particles are attracted or repelled with the hydrodynamic flow field generated by the propelling ribbon. The proposed method may be used in channel free microfluidic applications, where the precise trapping and transport of functionalized particles via non invasive magnetic fields is required.