Preheat oven to 350°F and grease and flour a bundt or tube pan.
Beat butter and shortening until smooth and creamy.
Gradually add sugar, mixing until light and fluffy.
Add eggs one at a time, mixing well after each.
Whisk flour, salt, and baking powder in a separate bowl.
Alternate adding dry ingredients and milk, mixing just until combined.
Stir in vanilla extract evenly.
Pour batter into pan and bake 60–90 minutes until golden and a toothpick comes out clean.
Cool in pan 10 minutes, then transfer to rack to cool completely.
Mix confectioners’ sugar, milk, and vanilla until smooth.
Drizzle glaze over cooled cake and let it set.