Venkat, Are you using a Design Management tool? If so, rename actually does a copy and a delete operation, and so that can be fairly expensive (the vault needs to know the name has changed, and the interface via which DM tools are integrated doesn't support a rename operation, if my memory is correct). Other than that, I wouldn't expect it to be that slow - perhaps you should contact customer support so that it can be investigated? Update instances is different, because that has to fix all the references to the renamed thing... Regards, Andrew.
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