Preheat oven to 350ºF (180°C). Grease a 10 or 12-cup bundt cake pan (26cm) with soft shortening, covering every angle, nook and cranny. Dust with flour, shaking off excess. Reserve.
Beat 1 ½ cups unsalted butter and 1 cup cream cheese in a large bowl until creamy and smooth, 1 to 2 minutes.
Add 1 cup dark brown sugar and 2 cups white sugar gradually and beat for 2 more minutes until light.
Add 6 eggs, one at a time, beating well after each addition. Add 2 teaspoons vanilla extract and mix.
Add the sifted dry ingredients (3 cups all purpose or cake flour, 1 teaspoon baking powder and ¾ teaspoon salt) in 2 additions, mixing each time just until smooth. Don’t overmix.
Add 1 cup pecans and 1 cup unsweetened shredded coconut and fold with a spatula until well integrated. Scrape the sides and bottom of the bowl to make sure there are no dry spots left.
Pour batter into the prepared pan, filling no more than ¾ of its capacity. Smooth the top and bake for about 45-50 minutes or until a kitchen tester or toothpick comes out clean and the top is cracked and golden. It can take longer.
Let cool for 15-20 minutes on a wire rack and carefully (it's still hot and tender) remove from the pan. Dust with 2 tablespoons powdered sugar before eating.
Keep covered in plastic wrap for 2 or 3 days at room temperature.