Preheat the oven to 325ºF. Butter and line a tube pan with parchment paper.
In a large bowl with an electric mixer or bowl of a stand mixer, cream butter and sugar until smooth, about 2 minutes. Start on low speed and build to medium speed as it incorporates.
Add eggs one at a time, beating on medium speed until well combined after each egg, about 20-30 seconds between each addition.
Add half of the flour. Once combined, add almond extract and whipping cream. Beat for 1 minute. Mix on low speed until the ingredients start to combine, then increase to medium-high speed. Beat for 1 minute. Scrape down the sides of the bowl as needed.
Once smooth, add remaining flour and mix until combined.
In a separate bowl, blend cream cheese until smooth. Add almond paste, and blend again until combined well.
Pour slightly over half of the batter into the prepared tube pan. Scoop on top the almond paste filling. Using a fork, spread in a thin layer. Dollop the remaining batter on top and spread evenly. Bake 1 hour 20 minutes to 1 hour 25 minutes.
Cool 3-5 minutes, then invert onto a serving dish. Cool at least 20 minutes before adding icing.
In a small bowl, whisk together powdered sugar, almond extract and milk. After the cake has cooled at least 20 minutes, drizzle the glaze along the top, allowing it to drip down the sides. Sprinkle the toasted almonds on top.