1. Heat the olive oil and butter together in a large deep skillet over medium-high heat. Add the shallots, fennel, and carrots; sauté until the vegetables are softened, 7 to 10 minutes.

2. Stir in the rice and cook, stirring frequently, until the rice is translucent, about 3 minutes.

3. Begin adding the chicken broth 1 cup at a time, stirring constantly and allowing the broth to be fully absorbed before adding the next cup. When all the chicken broth has been absorbed, add the wine and cook in the same manner. The rice should be al dente and moist, lightly bound with a little of the cooking liquid. Total cooking time should be about 25 minutes.

4. Stir in the asparagus and peas; cook just to heat through, about 3 minutes more. Remove the risotto from the heat. Fold in the Parmesan and season to taste with salt and pepper. Serve at once.