A magnet assembly for a Magnetic Resonance Imaging (MRI) system includes a vacuum vessel including an inner cylinder, an outer cylinder and a pair of tapered flanges connecting the inner and outer cylinders. The inner cylinder is made of a composite material. The outer cylinder and flanges are composed of several magnetic segments that provide a magnetic flux return path with low eddy currents. The segments are bonded together and electrically insulated from each other. A container, a thermal shield and a superconducting magnet coil assembly are disposed within the vacuum vessel. The superconducting magnet coil assembly includes a non-conductive cylindrical structure and superconducting coils. A thermally conductive cable is wrapped around the cylindrical structure and coils to form a thermally conductive envelope.