1) Preheat oven to 350 degrees F. Beat cream cheese at low speed with an electric mixer until creamy and smoothed. Add 1 cup sugar and eggs, and beat at medium speed for 2 minutes or until sugar is dissolved. Stir in 2 cups milk, 1 cup cream of coconut, and 3 Tbsp. melted butter, stir in bread cubes. Let stand 5 minutes.
2) Coat 13 x 9" baking dish with cooking spray. Pour bread mixture into dish. Bake at 350°F for 35 minutes or until set.
3) Stir together flaked coconut, pecans and 3 Tbsp. melted butter. Sprinkle coconut mixture over baked pudding, and bake 5 to 8 more minutes or until browned.
4) Stir together remaining 1/2 cup milk and 1/2 cup cream of coconut. Cook remaining 1/2 cup sugar in a medium sized heavy saucepan over low heat, stirring constantly 3 minutes or until sugar is caramelized and mixture becomes a light brown syrup. Stir in milk mixture and cook, stirring occasionally, 3 minutes or until sauce is thickened slightly and sugar is dissolved. Stir in remaining 2 Tbsp. melted butter. Cut bread pudding into 8 to 10 servings with caramelized sauce.