The free diver found dead after he went missing off Titi Island in the Marlborough Sounds has been named.

He was Baden Pierce McNab, 25, from Owaka.

The police dive squad found McNab's body this afternoon.

He was reported missing yesterday about 3.15pm after he failed to return from free diving.

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A formal identification process is yet to be completed.

The Lady Elizabeth IV is now on its way back to Picton, police said.

"The man's family have been notified and our thoughts are with them at this time."