Sure! Go down the hills on the right side of the dam. Swim to the east and you'll find an island with the master. It could also be the wolf monster inside the dam, talk to him with Benno in the party.
Viewing post in Where's the Last Lost Soul/Master?
Oh I found him! I didn't know at the time I needed to have Benno active on my party.
By the way I'm having a bit of a issue, on Falgar's castle, on the second floor there's a sleeping demon blocking the way I need to go and there's no iteraction on him and I'm not sure if there's a secret passage or anything somewhere else or if I'm missing something...