A police spokeswoman said the man went missing from a boat on the lake on Sunday morning.
''The man was the sole passenger aboard a cabin boat which set out on to the lake from the Earnslaw slipway by the Wakatipu Yacht Club around 9.30am.
''The boat was then seen on the shore near the Bay View Rd boat ramp around an hour later.
''However, it was not until late afternoon that the boat was found to be empty and the man missing.''
She said a shoreline and lake search involving LandSAR and coast guard personnel took place on Sunday night, and the search continued yesterday on the water, around the shoreline and from the air.