Mr Fraser said the man was reported missing about 5pm yesterday.
Coastguard, the Harbourmaster and Search and Rescue did a search of the lake last night until dark.
Mr Fraser said Coastguard and the Harbourmaster both had two vessels out.
He said there were inquiries this morning and the search was continued in the afternoon.
Mr Fraser said the man's body was found this afternoon about 1.5km from the Ohau Channel, near Marama Point.
The incident would be referred to the coroner, he said.
Police were called about 4pm after the man's body was spotted by a member of the public, a statement from the New Zealand Police media team said.