diff --git a/src/api/entities/NumberedPortfolio.ts b/src/api/entities/NumberedPortfolio.ts
index b07ddf88e6..27e3658809 100644
--- a/src/api/entities/NumberedPortfolio.ts
+++ b/src/api/entities/NumberedPortfolio.ts
@@ -1,7 +1,7 @@
 import BigNumber from 'bignumber.js';
 
 import { Portfolio } from '~/api/entities';
-import { deletePortfolio } from '~/api/procedures';
+import { deletePortfolio, modifyNamePortfolio, ModifyNamePortfolioParams } from '~/api/procedures';
 import { Context, TransactionQueue } from '~/base';
 
 export interface UniqueIdentifiers {
@@ -49,4 +49,18 @@ export class NumberedPortfolio extends Portfolio {
     } = this;
     return deletePortfolio.prepare({ did, id }, this.context);
   }
+
+  /**
+   * Rename portfolio
+   */
+  public async modifyName(
+    args: ModifyNamePortfolioParams
+  ): Promise<TransactionQueue<NumberedPortfolio>> {
+    const {
+      id,
+      owner: { did },
+    } = this;
+    const { name } = args;
+    return modifyNamePortfolio.prepare({ did, id, name }, this.context);
+  }
 }
diff --git a/src/api/entities/__tests__/NumberedPortfolio.ts b/src/api/entities/__tests__/NumberedPortfolio.ts
index 20d4c21071..e7459407c8 100644
--- a/src/api/entities/__tests__/NumberedPortfolio.ts
+++ b/src/api/entities/__tests__/NumberedPortfolio.ts
@@ -2,7 +2,7 @@ import BigNumber from 'bignumber.js';
 import sinon from 'sinon';
 
 import { Entity, Identity, NumberedPortfolio } from '~/api/entities';
-import { deletePortfolio } from '~/api/procedures';
+import { deletePortfolio, modifyNamePortfolio } from '~/api/procedures';
 import { Context, TransactionQueue } from '~/base';
 import { dsMockUtils } from '~/testUtils/mocks';
 
@@ -70,4 +70,23 @@ describe('Numberedortfolio class', () => {
       expect(queue).toBe(expectedQueue);
     });
   });
+
+  describe('method: modifyName', () => {
+    test('should prepare the procedure and return the resulting transaction queue', async () => {
+      const id = new BigNumber(1);
+      const did = 'someDid';
+      const name = 'newName';
+      const numberedPortfolio = new NumberedPortfolio({ id, did }, context);
+      const expectedQueue = ('someQueue' as unknown) as TransactionQueue<NumberedPortfolio>;
+
+      sinon
+        .stub(modifyNamePortfolio, 'prepare')
+        .withArgs({ id, did, name }, context)
+        .resolves(expectedQueue);
+
+      const queue = await numberedPortfolio.modifyName({ name });
+
+      expect(queue).toBe(expectedQueue);
+    });
+  });
 });
diff --git a/src/api/procedures/__tests__/modifyNamePortfolio.ts b/src/api/procedures/__tests__/modifyNamePortfolio.ts
new file mode 100644
index 0000000000..d5ae6a9e8b
--- /dev/null
+++ b/src/api/procedures/__tests__/modifyNamePortfolio.ts
@@ -0,0 +1,170 @@
+import { Bytes, u64 } from '@polkadot/types';
+import BigNumber from 'bignumber.js';
+import { IdentityId } from 'polymesh-types/types';
+import sinon from 'sinon';
+
+import { Params, prepareModifyNamePortfolio } from '~/api/procedures/modifyNamePortfolio';
+import { Context } from '~/base';
+import { dsMockUtils, entityMockUtils, procedureMockUtils } from '~/testUtils/mocks';
+import { Mocked } from '~/testUtils/types';
+import { NumberedPortfolio } from '~/types';
+import { tuple } from '~/types/utils';
+import * as utilsModule from '~/utils';
+
+jest.mock(
+  '~/api/entities/NumberedPortfolio',
+  require('~/testUtils/mocks/entities').mockNumberedPortfolioModule(
+    '~/api/entities/NumberedPortfolio'
+  )
+);
+
+describe('modifyNamePortfolio procedure', () => {
+  const id = new BigNumber(1);
+  const did = 'someDid';
+  const identityId = dsMockUtils.createMockIdentityId(did);
+  const rawPortfolioNumber = dsMockUtils.createMockU64(id.toNumber());
+  let mockContext: Mocked<Context>;
+  let stringToIdentityIdStub: sinon.SinonStub<[string, Context], IdentityId>;
+  let numberToU64Stub: sinon.SinonStub<[number | BigNumber, Context], u64>;
+  let bytesToStringStub: sinon.SinonStub<[Bytes], string>;
+  let stringToBytesStub: sinon.SinonStub<[string, Context], Bytes>;
+
+  beforeAll(() => {
+    dsMockUtils.initMocks();
+    procedureMockUtils.initMocks();
+    entityMockUtils.initMocks();
+    stringToIdentityIdStub = sinon.stub(utilsModule, 'stringToIdentityId');
+    numberToU64Stub = sinon.stub(utilsModule, 'numberToU64');
+    bytesToStringStub = sinon.stub(utilsModule, 'bytesToString');
+    stringToBytesStub = sinon.stub(utilsModule, 'stringToBytes');
+  });
+
+  beforeEach(() => {
+    mockContext = dsMockUtils.getContextInstance();
+    stringToIdentityIdStub.withArgs(did, mockContext).returns(identityId);
+    numberToU64Stub.withArgs(id, mockContext).returns(rawPortfolioNumber);
+    entityMockUtils.configureMocks({
+      numberedPortfolioOptions: {
+        isOwned: true,
+      },
+    });
+  });
+
+  afterEach(() => {
+    entityMockUtils.reset();
+    procedureMockUtils.reset();
+    dsMockUtils.reset();
+  });
+
+  afterAll(() => {
+    entityMockUtils.cleanup();
+    procedureMockUtils.cleanup();
+    dsMockUtils.cleanup();
+  });
+
+  test('should throw an error if the portfolio does not exist', async () => {
+    entityMockUtils.configureMocks({
+      numberedPortfolioOptions: {
+        isOwned: false,
+      },
+    });
+    dsMockUtils.createQueryStub('portfolio', 'portfolios').returns(dsMockUtils.createMockBytes());
+    dsMockUtils.createQueryStub('portfolio', 'portfolios', {
+      entries: [],
+    });
+
+    const proc = procedureMockUtils.getInstance<Params, NumberedPortfolio>(mockContext);
+
+    return expect(
+      prepareModifyNamePortfolio.call(proc, {
+        id,
+        did,
+        name: 'newName',
+      })
+    ).rejects.toThrow('You are not the owner of this Portfolio');
+  });
+
+  test('should throw an error if new name is the same name currently in the pportfolio', async () => {
+    const newName = 'newName';
+    const rawNewName = dsMockUtils.createMockBytes(newName);
+
+    bytesToStringStub.withArgs(rawNewName).returns(newName);
+    dsMockUtils.createQueryStub('portfolio', 'portfolios').returns(rawNewName);
+    dsMockUtils.createQueryStub('portfolio', 'portfolios', {
+      entries: [],
+    });
+
+    const proc = procedureMockUtils.getInstance<Params, NumberedPortfolio>(mockContext);
+
+    return expect(
+      prepareModifyNamePortfolio.call(proc, {
+        id,
+        did,
+        name: newName,
+      })
+    ).rejects.toThrow('New name is the same as current name');
+  });
+
+  test('should throw an error if there is a portfolio with the new name', async () => {
+    const portfolioName = 'portfolioName';
+    const rawPortfolioName = dsMockUtils.createMockBytes(portfolioName);
+    const entriePortfolioName = 'someName';
+    const rawEntriePortfolioName = dsMockUtils.createMockBytes(entriePortfolioName);
+    const portfolioNames = [
+      {
+        name: entriePortfolioName,
+      },
+    ];
+    bytesToStringStub.withArgs(rawPortfolioName).returns(portfolioName);
+    bytesToStringStub.withArgs(rawEntriePortfolioName).returns(entriePortfolioName);
+
+    const rawPortfolios = portfolioNames.map(({ name }) =>
+      tuple(dsMockUtils.createMockBytes(name))
+    );
+    const portfolioEntries = rawPortfolios.map(([name]) => tuple([], name));
+
+    dsMockUtils.createQueryStub('portfolio', 'portfolios').returns(rawPortfolioName);
+    dsMockUtils.createQueryStub('portfolio', 'portfolios', {
+      entries: [portfolioEntries[0]],
+    });
+
+    const proc = procedureMockUtils.getInstance<Params, NumberedPortfolio>(mockContext);
+
+    return expect(
+      prepareModifyNamePortfolio.call(proc, {
+        id,
+        did,
+        name: portfolioNames[0].name,
+      })
+    ).rejects.toThrow('A portfolio with that name already exists');
+  });
+
+  test('should add a rename portfolio transaction to the queue', async () => {
+    const portfolioName = 'portfolioName';
+    const rawPortfolioName = dsMockUtils.createMockBytes(portfolioName);
+    const newName = 'newName';
+    const rawNewName = dsMockUtils.createMockBytes(newName);
+
+    bytesToStringStub.withArgs(rawPortfolioName).returns(portfolioName);
+    stringToBytesStub.returns(rawNewName);
+
+    dsMockUtils.createQueryStub('portfolio', 'portfolios').returns(rawPortfolioName);
+    dsMockUtils.createQueryStub('portfolio', 'portfolios', {
+      entries: [],
+    });
+
+    const transaction = dsMockUtils.createTxStub('portfolio', 'renamePortfolio');
+    const proc = procedureMockUtils.getInstance<Params, NumberedPortfolio>(mockContext);
+
+    const result = await prepareModifyNamePortfolio.call(proc, {
+      id,
+      did,
+      name: newName,
+    });
+
+    const addTransactionStub = procedureMockUtils.getAddTransactionStub();
+
+    sinon.assert.calledWith(addTransactionStub, transaction, {}, rawPortfolioNumber, rawNewName);
+    expect(result.id).toBe(id);
+  });
+});
diff --git a/src/api/procedures/index.ts b/src/api/procedures/index.ts
index 61a70e5ab1..a98d714cb5 100644
--- a/src/api/procedures/index.ts
+++ b/src/api/procedures/index.ts
@@ -40,3 +40,4 @@ export { transferTokenOwnership, TransferTokenOwnershipParams } from './transfer
 // export { voteOnProposal, VoteOnProposalParams } from './voteOnProposal';
 export { removePrimaryIssuanceAgent } from './removePrimaryIssuanceAgent';
 export { deletePortfolio } from './deletePortfolio';
+export { modifyNamePortfolio, ModifyNamePortfolioParams } from './modifyNamePortfolio';
diff --git a/src/api/procedures/modifyNamePortfolio.ts b/src/api/procedures/modifyNamePortfolio.ts
new file mode 100644
index 0000000000..023b6fa86a
--- /dev/null
+++ b/src/api/procedures/modifyNamePortfolio.ts
@@ -0,0 +1,80 @@
+import BigNumber from 'bignumber.js';
+
+import { NumberedPortfolio } from '~/api/entities';
+import { PolymeshError, Procedure } from '~/base';
+import { ErrorCode } from '~/types';
+import { bytesToString, numberToU64, stringToBytes, stringToIdentityId } from '~/utils';
+
+export type ModifyNamePortfolioParams = { name: string };
+
+/**
+ * @hidden
+ */
+export type Params = { did: string; id: BigNumber } & ModifyNamePortfolioParams;
+
+/**
+ * @hidden
+ */
+export async function prepareModifyNamePortfolio(
+  this: Procedure<Params, NumberedPortfolio>,
+  args: Params
+): Promise<NumberedPortfolio> {
+  const {
+    context: {
+      polymeshApi: {
+        query: { portfolio: queryPortfolio },
+        tx: { portfolio },
+      },
+    },
+    context,
+  } = this;
+
+  const { did, id, name: newName } = args;
+
+  const numberedPortfolio = new NumberedPortfolio({ did, id }, context);
+  const identityId = stringToIdentityId(did, context);
+  const rawPortfolioNumber = numberToU64(id, context);
+
+  const [isOwned, rawPortfolioName, rawPortfolios] = await Promise.all([
+    numberedPortfolio.isOwned(),
+    queryPortfolio.portfolios(identityId, rawPortfolioNumber),
+    queryPortfolio.portfolios.entries(identityId),
+  ]);
+
+  if (!isOwned) {
+    throw new PolymeshError({
+      code: ErrorCode.ValidationError,
+      message: 'You are not the owner of this Portfolio',
+    });
+  }
+
+  if (bytesToString(rawPortfolioName) === newName) {
+    throw new PolymeshError({
+      code: ErrorCode.ValidationError,
+      message: 'New name is the same as current name',
+    });
+  }
+
+  const portfolioNames = rawPortfolios.map(([, name]) => bytesToString(name));
+
+  if (portfolioNames.includes(newName)) {
+    throw new PolymeshError({
+      code: ErrorCode.ValidationError,
+      message: 'A portfolio with that name already exists',
+    });
+  }
+
+  this.addTransaction(
+    portfolio.renamePortfolio,
+    {},
+    rawPortfolioNumber,
+    stringToBytes(newName, context)
+  );
+
+  return new NumberedPortfolio({ did, id }, context);
+}
+
+/**
+ * @hidden
+ */
+export const modifyNamePortfolio = new Procedure(prepareModifyNamePortfolio);