White Chocolate Cake with Peaches

"Topped with a to-die-for white chocolate frosting, this cake looks and tastes like a professional made it. I like to make it every summer when fresh peaches are at their peak.—Yvonne Starlin, Hermitage, Tennessee..."

INGREDIENTS
8 ounces white baking chocolate, chopped
10 tablespoons unsalted butter, softened
1-1/3 cups sugar
4 large eggs
1-1/2 teaspoons vanilla extract
2-1/4 cups cake flour
2-1/4 teaspoons baking powder
1/4 teaspoon salt
1-1/4 cups whole milk
FROSTING:
20 ounces white baking chocolate, chopped
1-3/4 cups unsalted butter, cubed
2 teaspoons vanilla extract
2 cups confectioners' sugar
ASSEMBLY:
1/2 cup water
1/4 cup sugar
4 cups sliced peeled fresh or frozen peaches, thawed (about 1 pound)
1/4 cup peach preserves, warmed
1 cup finely chopped walnuts
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