Bring broth to a simmer in a medium saucepan (do not boil). Keep warm over low heat.

Heat the olive oil in a large saucepan over medium-high heat; add the leek and fennel, and sauté for 5 minutes or until tender. Add the rice, and cook for 1 minute, stirring constantly. Stir in the wine, and cook for 1 minute or until the liquid is nearly absorbed, stirring constantly. Stir in 1 cup broth, and cook until the liquid is nearly absorbed, stirring constantly. Add the asparagus, rosemary, black pepper, and remaining broth, 1/2 cup at a time, stirring constantly until each portion of the broth is absorbed before adding the next (about 15 minutes total). Stir in grated cheese.