MELT butter with oil in a deep frying pan on medium heat. Add onion and garlic; cook and stir 2 to 3 minutes or just until tender.
STIR in rice. Add broth, milk and asparagus; mix well. Bring to boil. Reduce heat to low; simmer 5 minutes.
ADD 1/4 cup of the Parmesan cheese, salt and pepper; mix well. Sprinkle with remaining Parmesan cheese just before serving.