Combine first 5 ingredients in a large saucepan. Cook over medium heat, whisking occasionally, about 12 minutes or until steamy, thickened, and golden. Mixture should reach at least 170°. Remove from heat, and stir in coconut and pecans. Transfer to a glass bowl. Chill, stirring occasionally, 45 minutes or until thickened before spreading on cake.
This icing is rich, buttery and very flavorful, with a beautiful golden color. It has a wonderful texture and is easy to prepare. However, I find the amount of vanilla to be WAY overpowering. I would reduce it to 1 tsp only. I did use Madagascar vanilla, which has a stronger taste, so perhaps that is the reason. I might also add some coconut extract to taste.
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