Preheat oven to 350F (175C) and very thoroughly grease and flour a 12-cup bundt pan (be sure to tap/shake out excess flour)

In the bowl of a stand mixer or in a large bowl using an electric mixer, combine butter, cream cheese, and sugar and beat on medium-speed until well-combined and batter is lightened in color

Add eggs, one at a time, stirring well after each addition (about 10 seconds on medium-speed after each addition). Scrape the sides and bottom of the bowl and stir in vanilla extract. Mixture should be very smooth, light, and creamy when finished

In a separate bowl, whisk together flour, baking powder, and salt

In a measuring cup, mix milk and heavy cream

With mixer on low-speed, alternate adding the flour mixture and milk mixture to the butter batter, starting and ending with the flour mixture (add the flour in 3 parts and the milk in 2).

Pour batter into prepared bundt pan and bake on 350 for 70 minutes or until a wooden skewer inserted in the thickest part of the cake comes out with a few moist crumbs.
Note* If you have a lighter-colored bundt pan, it may take longer in the oven

Now the Glaze...

Whisk all ingredients together, adding milk about a tablespoon at a time until the desired thickness is achieved *may have to add small increments of additional milk if too thick