For the cake:
2 cups sweetened flaked coconut (about 6 ounces)
7-ounce jar macadamia nuts (about 1 1/2 cups)
l cup unsalted butter, softened
1 1/2 cups firmly packed light brown sugar
8 ounces cream cheese, softened
4 large eggs
1 tablespoon pure vanilla extract
2 2/3 cups all-purpose flour
2 1/2 teaspoons baking powder
1 teaspoon salt
For the glaze:
1/4 cup water
3/4 cup sugar
1/4 cup amber or dark rum
Preheat oven to 350°F. Butter and flour a l0-inch (3-quart) bundt pan and set aside.
Spread coconut in a shallow baking pan and toast in middle of oven, stirring occasionally and watching carefully to avoid burning, until golden, 10 to 12 minutes. Transfer coconut to a bowl and cool.
Spread macadamia nuts on shallow baking sheet and toast in middle of oven until pale golden, 8 to 10 minutes. Cool nuts and chop coarsely.
In a bowl of mixer, beat together butter and brown sugar until light and fluffy. Add cream cheese, and beat until well incorporated.
Add eggs, one at a time, beating well after each addition; beat in vanilla.
Sift together flour, baking powder, and salt. Slowly add flour mixture to butter mixturing, and then beat just until combined well.
Stir in coconut and chopped nuts. Spread batter evenly in prepared bundt pan and bake in middle of oven 1 hour to 1 hour and 10 minutes, or until a tester comes out clean. Allow cake to cool in pan on a rack 5 minutes and then invert onto rack.
Make the glaze:
In a small heavy sauce pan over medium high heat, bring water with sugar to a boil, stirring until sugar is dissolved. Stir in rum. Brush hot glaze evenly over outside of warm cake until absorbed. Cool cake completely.