Prepare pasta according to package directions; rinse and drain.
Snap off tough ends of asparagus, and cut into 2-inch pieces.
Sauté asparagus in hot oil in a large skillet over medium heat 4 minutes. Stir in red bell pepper and garlic; cook, stirring occasionally, 2 minutes. Stir in chicken broth. Bring to a boil. Reduce heat, and simmer 2 minutes or until asparagus is crisp-tender. Stir in salt and pepper.
Toss together pasta, asparagus mixture, basil, 1/2 cup cheese, butter, and 1/2 cup pecans. Sprinkle evenly with remaining 1/4 cup cheese and 1/2 cup pecans. Garnish, if desired.