Preheat oven to 325°F. Lightly spray a 9-inch bundt pan with nonstick cooking spray and set aside.
In a medium bowl, with the mixer on medium-high speed, beat the cream cheese and vegetable oil until smooth and creamy, about 3 minutes. Add the cake mix, pudding mix, eggs and vanilla. Beat on medium speed until blended, about 2 more minutes. Fold in fresh raspberries.
Pour half of the batter into the prepared baking pan. Spoon the raspberries preserves over the batter evenly and pour the other half of the batter on top.
Bake for 55-60 minutes, or until a toothpick inserted in the center comes out clean. Cool cake in the pan for 25 minutes then carefully transfer to a rack to cool completely.
To make the icing, combine the white chocolate and heavy cream in a medium microwave safe bowl and heat on high for 30 seconds. Stir and heat again for 30 seconds. Repeat until melted and smooth. Add the powdered sugar and combine until completely smooth. Pour over baked cake. Store in an air tight container in the refrigerator for up to 4 days or in the freezer for up to one month.