Does it have a rev limiter

[D Harry]

I have a friend of mine, which he upgraded a 7.4L 330hp 1995 model Gen 5 to about 450hp. Now we started the engine and everything is fine, it idles like a clock. The problem is when we rev the engine till 4550 it's ok, above 4600 rpm it's like it hits a rev limiter and it dosen't let you go above 4600 rpms. Does this engine have a rev limiter?? and if so were is it fixed and what replacement shall it do.