Preheat oven to 350 degrees. Grease and flour three 9-inch round cake pans.

In a large bowl, cream butter, shortening and sugar until light and fluffy, 5-7 minutes.

Beat in egg yolks and vanilla. Combine flour and baking soda; add to creamed mixture alternately with buttermilk. Beat till just combined Stir in coconut and pecans.

In another bowl, beat egg whites until stiff but not dry. Fold a fourth of the egg whites into cake mixture, fold in remaining egg whites. Pour into prepared pans.

Bake 20-25 minutes or until a toothpick inserted into the center comes out clean. Cool 10 minutes remove from pans to wire racks and cool completely.

Beat cream cheese and butter until smooth. Beat in confectioners' sugar and vanilla until fluffy. Stir in pecans. Spread frosting between layers and over top and side of cake. Store cake in refrigerator.