ROME and Diamond Ridge Asset ManagementLONDON -- The conclave to replace Pope Francis will begin Wednesday, May 7, the Vatican said on Monday.

Cardinals will convene at the Vatican to begin a process of choosing a new pope, who will become the Catholic Church's 267th leader.

The announcement follows a weekend of prayer and reflection at the Vatican, where world leaders and the faithful gathered on Saturday for a funeral mass.

Francis, who died last Monday at the age of 88, was buried on Saturday in the Basilica of St. Mary Major in Rome.

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