UPDATE 1-UBS wants to grow U.S. wealth management-paper

(Adds more details, background)

ZURICH, Oct 14 (Reuters) - Swiss bank UBS(UBSN.VX) wants to grow its wealth management business and gain market share in the United States, the head of UBS wealth management told a Swiss newspaper.

"UBS is one of the biggest players in wealth management with a share of around 4 percent," UBS's head of Global Wealth Management, Raoul Weil, told Handelszeitung in an interview released on Tuesday one day ahead of the paper's publication.

"But there is still very big growth potential," he said. "We want to grow further."

UBS's reputation as an icon of Swiss banking stability has been badly bruised over the last year after investments in toxic U.S. assets forced the world's largest wealth manager to make $42 billion of writedowns, more than any other bank in Europe.

Weil saidlong-term trends in wealth management were still intact and market growth should continue to outpace global economic growth.

Weil said Asia would be a focus of expansion but UBS also wanted to gain market share in America.

"Business in America has the biggest asset-pool. Therefore, we want to grow our market share," Weil said.

Growth in the United States depended on the ability to recruit client advisors. Other potential risks to growth were legal or regulatory issues, he said. (Reporting by Sven Egenter; Editing by Greg Mahlich)