Umbrella Walking Cane?

I recently re-played Dungeons and Demons DLC to obtain more achievements and I found on the most bottom corner, just before picking the speed magick, an umbrella walking cane. Picking it up, apparently, doesn't do anything, no active are shown and the only relevant thing that you can see is a small chained aura on your feet (it's not for the damage immunity or resistance though). I tried to search on the wikias and the only thing that is being shown is that this item is into the Heirloom pack, but no statistics are put. I tried to search into the file system but the only thing I found is the model, I couldn't find the information. This is the image of the item:

Can you tell me please what does this item do? Thanks in advance.

I ignored the use of the Tab button to see the information of a specific weapon/staff By the way this staff grants you water immunity, earth resistance and water spell weaker if someone needs this.