Preheat the oven to 325°F (163°C). Grease and flour a bundt or loaf pan.
In a large bowl, cream together the butter, shortening, and sugar until light and fluffy.
Add eggs one at a time, beating well after each addition.
In a separate bowl, whisk together flour, baking powder, and salt.
Gradually add the dry ingredients to the creamed mixture, alternating with milk. Stir in vanilla extract.
Pour the batter into the prepared pan and bake for 1 hour and 20 minutes, or until a toothpick comes out clean.
Cool the cake in the pan for 15 minutes, then turn out onto a wire rack to cool completely.
To make the ganache, heat the heavy cream in a saucepan until just simmering. Remove from heat and add chocolate chips. Let sit for 5 minutes, then whisk until smooth.
Pour the ganache over the cooled cake, letting it drip down the sides. Allow it to set before slicing.