He was flown to Hawke's Bay Hospital, treated for hypothermia and later released.
The Rescue Helicopter recovered the man's body this morning.
"It appears that the men were not wearing life jackets when the boat flipped suddenly throwing the men into the water," Senior Sergeant Luke Shadbolt said.
He said the boat was well equipped with life jackets and safety equipment.
"It is a tragedy when an afternoon of recreational fishing ends in tragedy and shows the importance of wearing life jackets at all times as incidents like this can develop very quickly."
The matter has been referred to the Coroner.
The Coastguard is expected to recover the boat today.
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